Las Vegas Motor Speedway real estate $54 Million Speedway Commerce Center II completed construction by Harsch Investment Properties. The Speedway Commerce Center adds 523,000 square feet of Speedway submarket of industrial warehouse space.
The Speedway Commerce Center is 1.4 million square foot, 95 acre, purchased from Bruton Smith of Speedway Motorsports in 2001 for $44 million. The primary tenant is Shelby Automobiles with 140,000 square feet.
Harsch in Las Vegas, Nevada expects to receive later this month the certificate of occupancy for eight buildings. TWC Construction was general contractor. They also built Henderson Commerce Center and Cheyenne Commerce Center and for Harsch.
Harsch has purchased Las Vegas, Nevada real estate for the past 10 years totaling 6.5 million square feet. There is also industrial space of 1 million square feet. They purchased this Las Vegas real estate for $32 a square foot.
This is a different commercial product type from Speedway I.
The Speedway submarket will enjoy a strong growth of any part of the valley . There is 300 acres of county Las Vegas land and 900 acres in North Las Vegas near I-15 Las Vegas Beltway. Prices per square foot in the southwest valley is $20 to $25, where at the Speedway is $8 to $10 a square foot.
The commercial real estate is being called “flex incubator” space. This is a mix of office and industrial use usually 3,000 square feet or less occupied by small businesses. Speedway Commerce Center II is priced at 60 cents to 75 cents a square foot.
Las Vegas Motor Speedway $54 million Commerce Center II is completed.