GID Industrial and SunCap Property Group Announce Development Partnership for SunPoint Commerce Center in North Las Vegas

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Apr 04, 2022, 08:00 ET

LAS VEGAS , April 4, 2022 /PRNewswire/ -- In a joint venture partnership, GID Industrial and SunCap Property Group announced today that they have acquired 26± acres in the North Las Vegas submarket. The partnership will develop SunPoint Commerce Center, comprising of two light industrial buildings totaling 467,000 square feet.

Located at the corner of Cheyenne Avenue. and North. Commerce St., the properties will feature 32' foot clear height, 104 doors and up to eight suites.

"With strong leasing fundamentals and record low vacancy, Las Vegas is a natural fit for our growing industrial portfolio," says Michael Wenaas, Chief Investment Officer of GID Industrial. "We expect that SunPoint Commerce Center will provide much-needed infill opportunities in this area."

Construction will begin on this summer, with shell completion expected in 2024, and project completion expected by summer 2025.

To learn more about GID Industrial, visit gid.com/industrial.

GID is a privately-held, vertically-integrated real estate company that owns and operates a portfolio of multifamily and industrial assets, and develops mixed-use projects across the United States. With corporate offices in Atlanta, Boston, Dallas, New York, and San Francisco, GID is an experienced real estate private equity investor and manager supported by an integrated operating platform and has 60+ years of experience across multiple asset classes. GID's existing and under-development properties are valued at over $25.8 billion as of December 31, 2021.

The current portfolio includes over 46,000 residential units, 20 million square feet of industrial space, and one million square feet of retail and office space. More information is available at www.gid.com. 

SOURCE GID Real Estate