Apex Industrial Park In Las Vegas Real Estate Sells For $69 Million
Apex Industrial Park in north Las Vegas real estate was purchased by Kapex LLC for $69 million. This piece of Las Vegas land was a 3,250 acre tract or $21,230-per-acre, from Kerr-McGee Corp. Kapex, whose partners include Jerry Snyder, Dave Carver, Adam Titus and Ken Templeton, with Las Vegas commercial development plans to spend another $31 million developing Apex Park.
“The Apex industrial park has long been viewed as an ideal industrial site, but the lack of utilities has delayed the real estate development,” said Titus. “The first phase of our project will include 400 acres of land in Las Vegas that is currently served by utilities.”
Apex property is located along the westside of Interstate-15 from the Las Vegas Speedway to the U.S. 93/I-15 intersection. It consists of two parcels of M-2 zoned heavy industrial land with a well, paved service road, water storage tank and a septic system.
The Las Vegas commercial park eventually will consist of 50 sites totaling over 30 million square feet of industrial space. Kapex plans to break ground on the first phase in the first quarter of 2007, with anticipated build-out over a 10-year period.
Phase one environmental studies for this Las Vegas land have been completed. And additional studies have since been commissioned for future Las Vegas buyers and tenants.
Kerr-McGee acquired the Apex property from the Bureau of Land Management in 1989 in response to the Henderson PepCon explosion a year earlier. The company selected the site for its contiguous, level and immediately developable Las Vegas land for sale.
Kerr-McGee ceased operations at the Apex Industrial site in 2001. In a joint venture, the company worked to obtain necessary approvals to convert the facilities into a battery manufacturing operation. In January 2006, Apex industrial park was offered for sale to a select few bidders. Kapex entered into an option to purchase the land for sale in Las Vegas, Nevada, closing the deal earlier this month.
“With dramatic construction cost increases and a drying land supply, Apex is finally poised to see some substantial development activity,” said John Restrepo, principal of Restrepo Consulting Group, a Las Vegas real estate research firm. “Time is now on its side.”
Source: LV Business Press
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Apex Industrial Park in Las Vegas real estate sells for $69 million to Kapex LLC.