Report: 350 Acres Purchased in North Las Vegas by Warehouse Developer for Industrial Park
NORTH LAS VEGAS, NV – Reports indicate that a prominent real estate developer that specializes in warehouses has purchased a huge stretch of land in North Las Vegas with plans to develop a large-scale industrial park for use by e-commerce firms and other companies.
350 acres were bought for $44.75 million by VanTrust Real Estate, which noted in a press release announcing the deal that was the one of the largest in recent years by a private developer in the Southern Nevada region.
The property was sold by Southern Nevada land investor and broker Mason Harvey, and according to property records the sale closed on March 31.
Work on the project’s initial infrastructure phase is slated to commence this fall and will make up approximately 1.5 million square feet; this phase of construction is expected to be completed in 2023, at which point the second phase will begin.
Currently, the final completion date for the industrial park has yet to be announced.
In recent years, the industrial component of Las Vegas’ construction has been expanding and increasing, with many developers concentrating on building warehouses that end up housing businesses such as distribution centers for e-commerce firms. The allure of developing these projects in Southern Nevada is due to the large amounts of land available and the low prices and cost of living when compared to many other regions of the United States.
VanTrust has completed several such warehouse facilities in North Las Vegas in recent years, with big companies such as Amazon, The Honest Company, Sephora, and Fanatics among those that have moved in to establish distribution centers there.
VanTrust’s overall construction in North Las Vegas is comprised of 5.5 million square feet, all of which has been quickly sold, with their most recent sale being the $110 million sale of an 855,000-square-foot Amazon warehouse to an investment firm in Los Angeles.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.