Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has leased 63,600 square feet of space at LogistiCenterSM at Speedway in North Las Vegas to Artesian Spas, a manufacturer of some of the world’s leading hot tub brands providing hydrotherapy solutions to customers worldwide.
Artesian Spas is based in Las Vegas and has more than 100 years of combined hot tub and spa manufacturing experience. The company also occupies a 100,000-square-foot manufacturing facility at 4720 Lamb Blvd. in North Las Vegas and, two years ago, grew into another 30,000-square-foot facility, also in North Las Vegas, for distribution of finished products. The company has since outgrown its smaller facility in the area and will be expanding and relocating that portion of its operation to LogistiCenterSM at Speedway.
“This property is an excellent solution for Artesian Spas given its fast-growing manufacturing and distribution sectors,” said John D. Ramous, Partner in Nevada for Dermody Properties. “The customer’s selection of a new facility came down to both the location and the building’s features, which are ideal for inbound and outbound distribution.”
Artesian Spas commenced operations in the building on October 1, 2020, where its distribution center and showroom are now combined into a single location in North Las Vegas.
“This customer will be the third to lease space at LogistiCenterSM at Speedway since the building was completed in the second quarter of this year,” said Elizabeth Kauchak, Chief Operating Officer of Dermody Properties. “The North Las Vegas-Speedway submarket is a high-demand area for logistics real estate in Southern Nevada, and the availability of facilities such as this one and the supply of land for development in the region are disappearing quickly.”
Garrett Toft and Sean Zaher of CBRE represented both Dermody Properties and Artesian Spas on this lease transaction.
LogistiCenterSM, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class-A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies.
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About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 89 million square feet of logistics space. In addition to its regional office and company headquarters in Reno, Nev., Dermody Properties has regional offices in northern and southern California, Atlanta, Phoenix, Dallas, Seattle, Chicago and New Jersey. For more information visit www.Dermody.com.
