Clarion Partners Buys 1.3M-SF Golden Triangle Logistics Center in North Las Vegas for $205.6M

Clarion Partners has acquired Golden Triangle Logistics Center, a 1.3 million-square-foot Class A industrial portfolio in North Las Vegas, Nev., from seller Washington Capital for $205.6 million, or approximately $158 per square foot. Newmark announced Nov. 6 that it arranged the sale.

Newmark said the transaction is the largest industrial sale completed in the Las Vegas metro area since 2023, measured by sales price, according to Newmark Research.

Newmark Brokers Washington Capital's Sale

Newmark Executive Managing Director Andrew Briner and Vice Chairman Ken White represented Washington Capital in the transaction. Newmark Co-Head, U.S. Capital Markets Kevin Shannon provided executive oversight.

"High-quality assets of this scale seldom come to market in Las Vegas, and the transaction reflects the continued appetite among institutional investors for modern distribution facilities that offer strong real estate fundamentals, functional design and long-term growth potential," Briner said. "We are pleased to have delivered a successful outcome for Washington Capital and facilitate Clarion Partners' acquisition of this portfolio."

Golden Triangle Logistics Center Property Details

Golden Triangle Logistics Center consists of three distribution facilities at 2655, 2815 and 3375 E. Washburn Road in North Las Vegas. The portfolio spans approximately 64.5 acres and is approximately 84% leased.

The buildings feature 36- to 37-foot clear heights, ESFR sprinkler systems, expansive truck courts, 189 dock-high loading positions and a secured trailer storage yard. The property offers access to Interstate 15 and the Clark County 215 Beltway, which Newmark said positions tenants to serve major Western U.S. population centers efficiently.

Las Vegas Industrial Market Conditions

According to Newmark Research, Southern Nevada's industrial market posted 1.8 million square feet of net absorption in the third quarter of 2026, surpassing 1.5 million square feet of new deliveries and contributing to a decline in overall vacancy, which stood at 12.3%. North Las Vegas led all regional submarkets in leasing momentum, while industrial construction activity fell to its lowest level since 2020. Construction totaled 4.6 million square feet, or 2.5% of existing inventory.

Through the first three quarters of 2026, the market absorbed 4.4 million square feet against 3.6 million square feet of deliveries. Vacancy remained above the market's long-term average of 8.5%.

Other brokerage research showed lower vacancy readings, reflecting differences in tracked inventory and market definitions. CBRE reported 8.7% vacancy and approximately 1.5 million square feet of third-quarter absorption, while Colliers reported 8.6% vacancy and 1.39 million square feet of absorption. All three firms showed demand exceeding new supply.

Lee & Associates reported a third-quarter average industrial sale price of $224.58 per square foot and an average cap rate of 5.89% across its Las Vegas coverage. Golden Triangle's implied price of roughly $158 per square foot was below that average. The portfolio was 84% leased at sale.

Industrial Sector Outlook

"The industrial sector has remained more resilient than most property types amid the recent rise in interest rates," Shannon said. "Improved leasing fundamentals, coupled with a lack of new construction across many industrial markets nationally, are supporting underwritten rent growth and expanding buyer pools. This landmark Las Vegas logistics portfolio benefited from those trends."

For Clarion Partners, the acquisition adds a concentration of Class A logistics space in North Las Vegas, the submarket Newmark identified as the region's leader in leasing momentum. For Washington Capital, the sale monetizes a sizable logistics holding as institutional buyers compete for high-quality industrial assets.

Sources

Newmark, "Newmark Arranges Sale of Golden Triangle Logistics Center in North Las Vegas," Nov. 6, 2026: https://www.nmrk.com/insights/press-releases/newmark-arranges-sale-of-golden-triangle-logistics-center-in-north-las-vegas