Las Vegas-based Centra Properties, in a joint venture with The Related Cos., has closed escrow on the 13.6-acre Southtech Industrial Park on Industrial Road, south of the Rio, for $53.1 million, a broker in the deal said Wednesday.
The developers plan to hold the land, which is zoned under Clark County's recent mixed-use development ordinance, MUD-1.
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"We're big believers in the Harmon corridor," said Jim Stuart, principal of Centra. "We really have no plans. It was just a strategic buy."
Centra and Related also purchased a 25-acre apartment complex on Harmon Avenue, near the Hard Rock Hotel, with plans for mixed-use development.
Ron McMenemy, broker and owner of NAI Horizon, said the property along Interstate 15 is equivalent to "beachfront property."
"You get exposure to the highway and look out and see Las Vegas Boulevard and a string of pearls," he said.
McMenemy represented the seller, Southtech Partners and Southtech Rio, and said it was one of the most complicated deals he'd ever done. There were "some financial hoops" for loans, and existing tenants had to be vacated and relocated, he said.
The industrial park was built in 1994 and the current owners have had it since 2000. Land values dictate that industrial is no longer the highest and best use for the property, McMenemy said. Industrial Road is being renamed Dean Martin Drive.
