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Hulic Co-Invests in Logistics Warehouse in Las Vegas, U.S.

LogisticsOverseasNew development

Hulic Co-Invests in Logistics Warehouse in Las Vegas, U.S.

Hulic Co-Invests in Logistics Warehouse in Las Vegas, U.S.

Hulic Co., Ltd. has made a co-investment with MBK Real Estate LLC (a U.S. subsidiary of Mitsui & Co., Ltd.; hereinafter “MRE”) in the logistics facility “Las Vegas Logistics Warehouse” located in Las Vegas, Nevada. This marks Hulic’s first investment in industrial real estate in the United States.

The property is an operating logistics warehouse completed in 2024, a single-story, concrete-structure building. The site area is approx. 5,631 tsubo (approx. 200,400 sq. ft.), and the Gross Floor Area is approx. 2,384 tsubo (approx. 84,800 sq. ft.). Las Vegas has been drawing attention as a West Coast logistics hub. Via Interstate 15 (I-15), it is accessible to the Ports of Los Angeles and Long Beach in roughly 460 km. From Nevada, trucks can reach about 20% of the U.S. population within a one-day drive. Nevada’s tax advantages—no corporate tax, personal income tax, or inventory tax—are also seen as an attractive factor.

As part of its overseas business, Hulic is advancing investments in needs-based assets in areas where population growth is expected, primarily in the U.S. and Asia. Hulic and MRE have previously built a track record through four senior-housing investments in the U.S. (reference article: “Hulic Acquires Senior Housing in a Seattle Suburb, U.S.”). This transaction represents an expansion of the partnership cultivated in senior housing into industrial real estate, signaling a full-scale diversification of Hulic’s overseas portfolio.

Las Vegas’ industrial real estate market is an area where major players such as Prologis and CapRock Partners are investing aggressively. According to JLL, the vacancy rate as of 2025 has been trending upward to the 11% range; however, this is viewed as part of the absorption process for rapid new supply. Class A properties continue to lease steadily, and the market is in an adjustment phase toward a “sustainable balance of growth and stability.”

Key Facts

  • Property Name: Las Vegas Logistics Warehouse

  • Buyer: Hulic Co., Ltd.; MBK Real Estate LLC (co-investment)

  • Location: 6535 E. Tropical Pkwy, Las Vegas, Nevada 89115 (U.S.)

  • Completion: 2024

  • Number of Floors: 1F

  • Area: Site Area approx. 5,631 tsubo (approx. 200,400 sq. ft.); Gross Floor Area approx. 2,384 tsubo (approx. 84,800 sq. ft.)