A newly built Amazon fulfillment center near the M Resort sold for more than $ 80 million, another big investment in the valley’s growing warehouse business.
Intercontinental Real Estate Corp. on Wednesday announced it had acquired a 147,000 square foot industrial facility in Henderson, saying the complex spans 38 acres of land and is fully leased “to a multinational e-commerce retailer as a last mile delivery.” establishment.”
The Boston-based investment firm did not name the tenant, seller, or purchase price in the press release.
But the building at 11500 Bermuda Road, on the corner of St. Rose Parkway, has Amazon signage. A spokeswoman for the e-commerce giant previously said the facility opened in April.
Property records indicate that Intercontinental purchased the resort for $ 81.25 million from the developer, Panattoni Development Co.
Panattoni declined to comment. An Amazon spokesperson did not respond to a request for comment on Wednesday.
Like other industries, the southern Nevada commercial real estate market has faced many questions during the coronavirus pandemic, including how much office space businesses need when people are working from home. But warehouse developers are still launching large projects and investors are buying industrial buildings amid an accelerated transition to online shopping that has fueled demand for distribution space.
“Same day and next day delivery are now expected by today’s consumer, and the last mile delivery facility is a critical part of the new supply chain model,” said Jessica Levin, senior director of acquisitions at Intercontinental, in the statement.
Amazon’s so-called last mile delivery stations, such as the one acquired by Intercontinental, typically span around 150,000 square feet, much smaller than other Amazon fulfillment centers in southern Nevada.
Packages are sent to last mile facilities from nearby Amazon distribution and sorting centers, loaded into vehicles and delivered to buyers, the company said.
Amazon’s other locations in the Las Vegas area include a facility just down the street from the Intercontinental building that spans over 600,000 square feet.
These two buildings are in the western region of Henderson, at the southern end of the valley. Developers have launched waves of industrial, housing and other projects there in recent years, including the Raiders team headquarters and training facility.