IDV Speedway in North Las Vegas, NV sold

LAS VEGAS, Dec. 16, 2024 – JLL Capital Markets announced today the sale of IDV Speedway, a 349,875-square-foot, Class A industrial facility located in Las Vegas, Nevada.

JLL represented the seller, Investment & Development Ventures, in the sale to AEW Capital Management.

Constructed in Q1 2024, IDV Speedway features 36-foot clear height, 52 dock-high doors, two grade-level doors, 179 auto stalls, 67 trailer parking stalls, an additional ±1.5-acre parking area to add additional auto or trailer stalls, full concrete truck court, ESFR sprinklers and 4,000 amps of power. Spec tenant improvements include ±4,200 square feet of office, LED lighting in the warehouse, evaporative cooling in the warehouse and three mechanical 40,000-pound pit levelers.

Currently vacant, the property is strategically positioned to capitalize on Las Vegas’ robust market demand with over 40 active tenants seeking over 15 million square feet. This presents value-add investors an immediate opportunity for value creation through lease-up.

Located at 5150 N. Sloan Ln., the facility offers direct access to NV-604 and is within three miles of two I-15 freeway ramps, linking it to key West Coast distribution channels and reaching over 20% of the U.S. population within a one to two-day truck service. The strategic location makes IDV Speedway highly attractive to potential tenants, with demand in the Las Vegas market driven by strong labor supply, favorable tax conditions and a robust transportation network.

The JLL Capital Markets team was led by Senior Managing Director Mark Detmer. The Las Vegas Markets Team was led by Senior Managing Directors Rob Lujan and Jason Simon.

"The acquisition of IDV Speedway presents AEW Capital Management with a unique opportunity to immediately capitalize on the property's vacancy in Las Vegas’ business-friendly environment," said Detmer. "The location and economic advantages of Las Vegas further position the buyer to unlock significant value quickly, making this a prime investment in a rapidly growing industrial market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Investment & Development Ventures, LLC (IDV) is a privately held real estate investment, development, and management company based in Houston, Texas. Since 2013, IDV has successfully completed over $1 billion of projects comprised of 10 million square feet of high quality industrial developments across the United States with a primary focus in Texas. IDV’s current pipeline includes over 1,000 acres of land, 11 million square feet of future development and over $1.2 billion of investment. IDV’s approach is centered on conservative underwriting, creative deal structuring, and clear communication, leading to exceptional results.

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $84.4 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of June 30, 2024). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.

As of June 30, 2024. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $84.4 billion includes $38.9 billion in assets managed by AEW Europe SA and its affiliates, $4.9 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.6 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.