Link to Reference Article: Is Apex Industrial Park finally ready to take off? Apex Industrial Park was designed as a 18,000-acre manufacturing hub in North Las Vegas in 1989, but has been hamstrung by 'bureaucratic roadblocks, red tape, and a cumbersome permit process'.
However, as land becomes more scarce (and therefore more expensive) in the valley, the area has seen a noticeable uptick of activity: the city of NLV has made significant investments in infrastructure and utilities and SNWA is working on expanding water and sewer. Cumbersome permitting, which can take 12-36 months through the BLM, is the next step. Bills have been introduced in both the Senate and the House to streamline the process.
As a result, companies are filling the development pipeline with large projects that will reshape the Las Vegas #industrial market, including a $250mm liquid hydrogen plant, a 4.5mm square foot #logistics and #distribution project, and an aluminum can plant, among others.
Momentum is building and there's thousands of acres available...
Contributed by: Andy Crawford, CCIM
Andrew (Andy) Crawford is Vice President of CommCap Advisors, responsible for new loan originations through life insurance correspondent, agency, CMBS, and other institutional lenders. Prior to joining CommCap, Andrew was a commercial investment broker for a local boutique real estate company. As a broker, he gained valuable experience in the underwriting and closing of commercial acquisitions and dispositions. In 2015, Andrew transitioned to the finance side of the industry to more fully utilize his analytic, detail-oriented nature. He has originated, underwritten, and closed over $350M in finance transactions for commercial and multifamily properties.
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