New warehouse project near Raiders HQ sells
A Boston real estate firm has acquired a new warehouse complex near the Raiders’ practice facility, nearly three years after it bought several buildings near the Raiders’ stadium.
TA Realty purchased a six-building, roughly 339,000-square-foot industrial park in Henderson from developer Jeff LaPour for $53.5 million, both sides confirmed Monday.
The 21-acre complex, AirParc Heights, is at the corner of Maryland and Sunridge Heights parkways in the west Henderson area, a fast-growing pocket that has been packed with real estate development in recent years.
No tenants have moved to AirParc Heights yet, but the project is 74 percent leased, said TA partner Tom Shapiro, who focuses on West Coast acquisitions for the firm.
Following a lengthy construction boom, Southern Nevada’s industrial market has heated up even more over the past year after the coronavirus pandemic sparked an accelerated shift to online shopping that has fueled demand for distribution space.
Developers have pushed ahead with numerous new projects, landlords have bought more buildings and companies have been taking more space, pushing vacancies to record lows.
LaPour, founder of LaPour Partners, described the deal with TA as a “forward” transaction, saying he agreed to sell the complex before he finished construction and steered prospective tenants to the buyer.
Shapiro, meanwhile, said that Las Vegas’ industrial market has heated up “dramatically” since his company went under contract to buy LaPour’s project about a year ago.
Its incoming tenants include local distributors or light manufacturing or assembly firms, not Amazon-type companies, he noted.
According to Shapiro, a lack of space in Southern California is benefiting areas such as Las Vegas and Phoenix.
California’s Inland Empire, for instance, saw just 0.5 percent vacancy in the fourth quarter last year, a historic low, brokerage Colliers International reported.
“There’s literally no space in Southern California,” Shapiro said.
Southern Nevada’s industrial vacancy rate shrank to just 2.3 percent at the end of last year, the lowest since Colliers began keeping records in 1999, the firm said.
The west Henderson area, along St. Rose Parkway at the southern edge of the Las Vegas Valley, has seen a big influx of construction in recent years, with developers putting up warehouses, apartment complexes, housing tracts and retail centers.
An especially high-profile project, the Raiders headquarters, is a few miles from TA Realty’s new property.
TA’s past acquisitions in the valley include the bulk purchase of six industrial buildings within a mile of Allegiant Stadium for $51.1 million, a deal that closed in summer 2019.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
