California developer buys land to build large North Las Vegas industrial project
Apex Industrial Park’s rapid expansion continues as a number of deals have been recently inked at the North Las Vegas site.
California-based industrial real estate firm CapRock Partners bought 85 acres at the site for a planned two-warehouse complex totaling 1.48 million square feet. Clark County property records indicate CapRock paid $24.1 million.
The all-cash, off-market transaction was completed in August for two parcels. In a new release, CapRock said the land was “the best-located remaining undeveloped sites in the submarket that can accommodate a building over 1 million square feet.”
Construction on the building is expected to start in 2024, and the facility is expected to be completed the following year.
“Demand for big box industrial space in North Las Vegas remains strong,” said Taylor Arnett, first vice president of acquisitions at CapRock. “Following several successful completions and dispositions in Las Vegas in 2023, our team is excited to continue its momentum by bringing a future-forward logistics complex to the growing Apex industrial submarket.”
After decades of delays and false starts, Apex is booming with development. Smith’s Food & Drug recently had a hiring fair to fill 200 positions at its 850,000-square-foot distribution center, which is nearing completion. Several companies are expected to open distribution facilities next year at Apex, including HeyDude, Dermody, Hopewell and CarMax. Prologis also recently bought 879 additional acres to expand its operations.
“I’m glad to see more businesses moving into Apex Industrial Park and creating more good-paying jobs in North Las Vegas,” said Sen. Catherine Cortez Masto, D-Nev., who introduced legislation to help clear bureaucratic red tape at Apex. “I’ll keep working across the aisle to pass my legislation and make it easier for companies to open and expand in Southern Nevada.”
Plans for Apex date to 2008, when North Las Vegas started annexing land to help itself out of a dire economic situation that saw the municipality carrying an extreme debt load.
Located off Interstate 15 at U.S. Highway 93, the 18,000-acre park has about 7,000 acres left for development, and six large projects are underway, encompassing 1,800 acres and 9.8 million square feet. The city also confirmed it is in talks with some 20 additional companies.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.