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Monday, Jul 22, 2024

Wilson, Chartwell Buy Las Vegas Industrial Properties

Two Orange County investors, David Wilson and Chartwell Real Estate Development, have made acquisitions in the Las Vegas industrial market over the past couple of months.

An affiliate of Wilson, whose Tustin-based Wilson Automotive Group holds OC’s largest collection of car dealerships, paid $27.9 million in May for a 98,023-square-foot warehouse in Henderson, which is around 15 miles from Las Vegas.

Wilson bought the newly built property, dubbed Henderson Industrial Gateway, for around $284 per square foot.

The seller of the building, located at 1735 Chaparral Road, is a joint venture between West Hartford, Conn.-based Penwood Real Estate Investment and Irvine-based EBS Realty Partners.

Greg Pancirov of RealComm Advisors negotiated the deal on behalf of Penwood and EBS. Colliers’ Brian Riffel and Tyler Jones represented Wilson.

Henderson Industrial Gateway’s only tenant is Designs for Health, whose triple net lease expires in 2031.

The property marks Wilson’s third acquisition in Nevada over the past year.

Bullish on Industrial

Chartwell, which is based in Costa Mesa, acquired an industrial property similar in size to Henderson Industrial Gateway last month.

The real estate investment and development company paid $29.5 million for 106,564-square-foot two-building industrial park, located at 5720 Arville St. in Las Vegas.

The deal for the property, dubbed Russell Commerce Center, works out to about $276 per square foot.

The property’s most recent seller, Dallas-based Blue Ridge Industrial, bought the facility for $19.8 million three years ago.

Newmark’s Andrew Briner and Bret Hardy represented Blue Ridge in the deal.

“We continue to be bullish on the Las Vegas industrial market,” Chartwell Operating Partner Henry Pyle said. “Russell Commerce Center aligns with Chartwell’s investment criteria, which is focused on high-demand infill locations.”

Chartwell’s current portfolio counts 1 million square feet of industrial property.

Among the most notable of Chartwell’s assets is the Balboa Fun Zone, a mixed-use entertainment property on the Balboa Peninsula waterfront in Newport Beach.

Pyle’s father, David Pyle, is the chief executive of American Career College and the executive chairman of West Coast University.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.

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