November 20, 2019 — Avison Young announced today that it negotiated a 111,574-square-foot (sf) industrial lease renewal and expansion for 3D Exhibits in Las Vegas, NV. The transaction included the renewal of an 89,054 sf lease and a 25 percent expansion, of 22,520 sf, at 3455 E. Reno Avenue. The tenant now occupies the entire building.
Avison Young Principal Chris Lydon, who is based in the firm’s Chicago office, worked in conjunction with Vice President Dave Wrzesinski, who is based in the firm’s Las Vegas office, to represent the tenant. Prologis, a global leader in logistics real estate, was represented by Greg Tassi of CBRE.
“This was the ideal opportunity for 3D Exhibits to expand its space to meet market demand while continuing to take advantage of the superior location,” comments Lydon. “Prologis is an industry leader and helped create an efficient process for renewing and expanding the lease.”
The 3455 W. Reno Avenue building is located in proximity to the Las Vegas Strip, McCarran International Airport, the 215 Beltway and US 95, providing the tenant with convenient access to major thoroughfares and the connection to its client base.
The tenant is based in Schaumburg, IL and designs trade show exhibits, branded environments, and corporate events. The Las Vegas location is one of six strategically located throughout the country.
According to Avison Young research, there was approximately 705,000 sf of new industrial deliveries in the Las Vegas market in Q3 2019, with over 4.5 million square feet currently under construction. These new deliveries pushed vacancy down to 3.8 percent. There was approximately 421,421 square feet of positive absorption during the quarter.