Cambrige Cos./Diamond Rock JV Plans 1 MSF Industrial Development
- Dec 15, 2014
In a major step for their new joint venture, Las Vegas-based Cambridge Cos. L.L.C. and Diamond Rock Partners L.L.C. of Santa Monica, Calif., have joined forces in order to develop one million square feet of industrial space in Las Vegas. The partnership is set to control 50 acres of land, which will yield roughly one million square feet of industrial space in a market that is “ripe for big-box industrial development,” said Diamond Rock Partners Managing Partner David Makharadze.
Industrial assets in the area are attracting renewed interest from investors, who are keen to move on both development and existing asset opportunities.
According to Cambridge COO Filipp Chebotarev, the team has plenty on its to-do list: bring “much needed industrial inventory of larger buildings to market, create employment opportunities for our community, and utilize sustainable land use and building practices.”
Cambridge’s Vice President, Polina Chebotareva, noted that industrial vacancies in Clark Country are below 8 percent and less than 1 percent for big-box distribution or assets totaling more than 150,000 square feet. Michael Bash, the president of Cambridge, added: “We’re excited to work with Diamond Rock Partners on another industrial joint equity partnership in Las Vegas.”
Kamau Coleman, Managing Partner of Diamond Rock Partners also cited expectations of an improving market and “a clear picture for the future, which we are excited to be a big part of.”