VanTrust Begins Work on Las Vegas Industrial Park

Vantage North. Image courtesy of VanTrust Real Estate

VanTrust Real Estate continues its busy industrial development schedule with infrastructure and site work beginning at its 350-acre Vantage North project in North Las Vegas, where it will construct the first two speculative buildings. The park will eventually have about 4.5 million square feet.

Development of the two spec buildings, which will be approximately 450,000 and 600,000 square feet, is expected to get underway in December, with completion slated for October 2023. The project is designed to meet the growing demand for state-of-the-art logistics facilities, with sizes ranging from 450,000 to more than 2 million square feet.

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Tenants will be able to choose from ready to occupy speculative buildings or build-to-suit facilities. Vantage North is the gateway to the growing Apex Industrial Park, which has 7,000 developable acres and is situated 2.5 miles north of I-15 and the Speedway Boulevard Interchange.

Keith Earnest, executive vice president at VanTrust, told Commercial Property Executive the project will be done in phases depending on market demand.

“Our hope is that we launch phase two as we are finishing up construction on phase one,” he said.

Kevin Higgins, executive vice president for CBRE’s Advisory & Transactions Services, is handling the leasing.

Earnest said they have already been in discussion with prospective tenants, several of which are seeking build-to-suit facilities.

Asked if future spec buildings would be similar in size to the first, Earnest said, “That’s the beauty of our site. Even after the first two buildings are constructed, we have the flexibility to building 400,000 to 2.5 million square feet under one roof. Ultimately, the market will dictate what direction we take.”

Growing submarket

Earnest said Apex is one of the most anticipated industrial parks in the Southern Nevada market. He credited the leadership of North Las Vegas for bringing infrastructure, particularly water pipelines, to the Apex Industrial Park.

“Land prices in the area have increased dramatically in Apex and continue to climb. Tenants are actively looking and ultimately locating their companies in Apex,” Earnest told CPE.

Earnest said North Las Vegas Mayor John Lee, the City Council and staff members have been instrumental in helping VanTrust bring its state-of-the-art projects to the market.

“From the day we started construction on our first project in 2015, the City of North Las Vegas has been a true partner,” Earnest said. “We credit their hard work in getting these projects up quickly and efficiently. Speed to market is very important and the City has provided the means for tenants to thrive in Southern Nevada.”

Likewise, Lee stated VanTrust was one of the city’s earliest partners and part of the success in bringing industrial development to North Las Vegas. Lee said in prepared remarks as they expand the water line into Apex, development is flowing, bringing good-paying jobs and opportunities for companies looking to expand or relocate.

More VanTrust Projects

Prior to Vantage North, VanTrust also developed Northgate Distribution Center in North Las Vegas, an eight-building, 3.5 million-square-foot industrial park, and Tropical Distribution Center, a 1.6 million-square-foot industrial park in North Las Vegas, with national tenants including Sephora.

Last week, VanTrust announced it had acquired one of the last sites in the Cornerstone industrial area in San Antonio, Texas, and plans to break ground on the first phase of a 60-acre industrial center in July. Cornerstone Commerce Center will deliver 413,173 square feet of spec space in two buildings by July 2022. VanTrust expects to construct four additional buildings totaling more than 600,000 square feet.

The San Antonio project came just days after VanTrust announced plans to construct nearly 1 million square feet of industrial space in two separate projects, including the first phase of Peoria Logistics Park, which will deliver a 157,000-square-foot, build-to-suit distribution center for Frito Lay at the 150-acre park in Peoria, Ariz. The center will eventually have as many as eight buildings.

In the same week, VanTrust said it was set to break ground on two spec buildings at New Albany International Business Park in the Columbus, Ohio, area, totaling about 827,000 square feet.