San Francisco-based international logistics real estate firm Prologis has purchased 879 acres at Apex Industrial Park in the city of North Las Vegas for an undisclosed amount.
Prologis plans to develop an 11 million-square-foot industrial project spread over several buildings, starting construction within 36 months, and will pay to get the site hooked up to water and power, the developer said. No tenants have been lined up yet.
Prologis also currently has two sites under construction in the North Las Vegas area.
Mathias Hughes, investment officer for Prologis, said the company decided to buy the land as they see the potential of the area to become an industrial hub.
“Prologis has been operating in North Las Vegas for more than 30 years,” he said. “Our Vegas Industrial Park project demonstrates our commitment to the market while also enabling us to maintain our development momentum in Southern Nevada.”
Apex is finally kicking into high gear after 30 years, the idea originally conceived by the city of North Las Vegas as a way 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 currently underway at the park, encompassing 1,800 acres and 9.8 million square feet. The city also confirmed they are in talks with approximately 20 additional companies.
Hughes said Prologis already has 96 percent of its 13.9 million square feet of Las Vegas Valley commercial real estate already leased.
“We continue to see strong demand for modern and well-located logistics facilities in the market. This industrial park will be best in class and its strategic location makes it ideal for a wide-range of companies with varying logistics needs.”
Mattie Sorrentino, director for corporate communications for Prologis, noted they hope to help bolster the local economy as well with the project.
“In addition to supporting the local economy with new jobs, the logistics facilities built within the park will achieve LEED Silver certification. The roofs will be solar ready and EV charging will be available, supporting Prologis’ company-wide goal to reach net zero emissions across our value chain by 2040.”
This is a developing story, please check back for more updates.
Contact Patrick Blennerhassett at firstname.lastname@example.org.