Three-building industrial campus coming to northeast Las Vegas
Developers expect to start construction this summer on a three-building industrial campus in the northeastern Las Vegas Valley.
SunCap Property Group of Charlotte, North Carolina, and Colony NorthStar of Los Angeles bought 40 acres of land near the intersection of Las Vegas and Lamb boulevards, according to a statement Tuesday.
The companies bought the land for $8 million from a group of California-based investors who purchased the land in 2014 for $2 million, according to county records.
One of the investors, David Makharadze of Diamond Rock Partners, said the boom in online retail has made industrial land in Las Vegas attractive.
Companies with major online marketplaces like Amazon and Fanatics have recently opened large distribution centers in the area.
“Las Vegas being such a well-located hub for anything coming through California made us really look at it,” Makharadze said.
His company, based in Santa Monica, and Cambridge Cos. of Newport Beach have partnered on two other pieces of land in the Las Vegas Valley.
They will likely sell and be turned into distribution centers, he said.
The industrial campus, called SunPoint Crossing, will include 753,000 square feet of space.
This is SunCap’s third project in the valley. The company completed a 295,000-square-foot distribution center in Henderson in 2014.
Two years later, SunCap developed an industrial building south of Lamb Boulevard and Cheyenne Avenue, which Colony bought.
Contact Wade Tyler Millward at wmillward@reviewjournal.com or 702-383-4602. Follow @wademillward on Twitter.