The developer buys land in Apex after $ 290 million plant is Nixed – Las Vegas Review -journal

After the beverage manufacturer, he is defective for a new facility in North Las Vegas, a stock developer bought the site and opened his own project.

EBS Realty Partners announced on Tuesday that she has partnered with an investment company for real estate to acquire nearly 91 decares at Apex Industrial Park for $ 31 million. They seek to break the ground later this year at a complex called Apex Ridge.

Plans require two industrial buildings that cover a combined 1.36 million square feet, according to a news message.

The founder of EBS Quinn Johnson, whose California -based company, has developed over 7.4 million square meters of industrial projects, noted in a statement that North Las Vegas has observed a strong demand for industrial real estate over the last decade.

He also said that the Las Vegas Valley is within a day trip to the ports in Southern California and that distributors here can serve nearly 20 percent of the US population within two days.

As he described it, the Las Vegas region is “a major regional distribution node in the world supply chain.”

Industrial delay

Overall, the developers of warehouses have packed the valley, especially in North Las Vegas, with new projects in recent years, and have signed waves by tenants, as the rapid growth of e-commerce has caused greater demand for space for distribution.

But the pace of construction dropped in the region and the sharp leap of empty storage space last year was fueled by delaying preliminary leasing for new projects, according to John Steter, a research manager in Las Vegas for a brokerage company Colliers International.

About 4.4 million square meters of industrial space have been built in South Nevada in the last quarter, which is less than 17.5 million square feet year earlier, according to Statter, which found that the free space percentage is increased to 8.6 percent in the last quarter from 2.9 percent year earlier.

“The explosive industrial growth of South Nevada can finally catch up with it,” he wrote in a report.

Can the plant scrape

EBS and Connecticut-based Penwood Real Estate Management have acquired their land at Apex-Massive Industrial Park near Interstate 15 on US highway 93 from Ball Corp.

In September 2021, Ball announced plans to build a $ 290 million plant in North Las Vegas, saying the facility would supply aluminum containers for industry customers.

On the same day, the Governor’s Economic Development Service said his board approved $ 17.5 million in tax breaks for 10 years for Colorado -based company. According to Goid, Ball was obliged to create nearly 180 jobs in the first two years of work at an average salary of over $ 33 per hour.

Its facility is designed to cover more than 750,000 square feet at the southern end of Apex, city authorities said at the time.

Shortly after, Ball closed its purchase to about $ 91 in Apex for about $ 28.3 million, real estate records show.

However, Ball has never built the project, saying in the fall of 2023 that “it has constantly stopped plans to build a drink in North Las Vegas, which can plant.”

He sold Apex’s website last September, Property Records show.

Goed spokesman Carly Smith said on Tuesday that board approval is not the final action in the process and does not guarantee that tax breaks will be awarded if the subsequent steps are not respected.

After all, no one has ever been awarded to Ball, she confirmed.

Contact Eli Segall at [email protected] or 702-383-0342.