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Boston-based investment firm buys Henderson industrial facility for $81M

Updated October 20, 2021 - 7:17 pm

A newly built Amazon distribution center near the M Resort has sold for more than $80 million, another big investment in the valley’s growing warehouse sector.

Intercontinental Real Estate Corp. announced Wednesday that it acquired a 147,000-square-foot industrial facility in Henderson, saying the complex sits on 38 acres of land and is fully leased “to a multi-national e-commerce retailer as a last-mile delivery facility.”

The Boston-based investment firm did not name the tenant, the seller or the purchase price in the news release.

But the building at 11500 Bermuda Road, at the corner of St. Rose Parkway, has Amazon signage. A spokeswoman for the e-commerce giant previously said the facility opened in April.

Property records indicate Intercontinental bought the complex for $81.25 million from the developer, Panattoni Development Co.

Panattoni declined to comment. A spokeswoman for Amazon did not respond to a request for comment Wednesday.

Like other industries, Southern Nevada’s commercial real estate market has faced plenty of questions during the coronavirus pandemic, including how much office space firms need as people work from home. But warehouse developers are still launching big projects and investors are buying industrial buildings amid an accelerated shift to online shopping that has fueled demand for distribution space.

“Same day and overnight delivery are now expected by today’s consumer, and the last-mile delivery facility is the critical component in the new supply chain model,” Jessica Levin, senior director of acquisitions at Intercontinental, said in the news release.

Amazon’s so-called last-mile delivery stations, such as the one Intercontinental acquired, typically span about 150,000 square feet, much smaller than Amazon’s other distribution centers in Southern Nevada.

Packages are sent to last-mile facilities from neighboring Amazon fulfillment and sorting centers, loaded into vehicles, and delivered to buyers, the company has said.

Amazon’s other locations in the Las Vegas area include a facility just down the street from Intercontinental’s building that spans more than 600,000 square feet.

Those two buildings are in the west Henderson area at the southern tip of the valley. Developers have launched waves of industrial, housing and other projects there in recent years, including the Raiders’ team headquarters and practice facility.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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