Developer sells warehouse in Apex for almost $97M

A warehouse developer has sold a building in Apex Industrial Park to its tenant for nearly $97 million.

VanTrust Real Estate sold the North Las Vegas facility — along Interstate 15, about 20 miles northeast of the Strip — to Saddle Creek Logistics Services. The $96.75 million purchase closed last month, property records show.

The building, at 8650 Logistics Drive, spans about 583,000 square feet and sits on a nearly 32-acre footprint.

Saddle Creek, a warehousing and distribution firm that serves retailers and other clients, opened the facility about two years ago. It’s one of a cluster of industrial buildings that VanTrust developed as part of its Vantage North project in Apex.

VanTrust executive vice president Keith Earnest, who oversees its projects in Nevada and other states, confirmed that the company sold the building.

Saddle Creek did not respond to requests for comment Monday.

VanTrust had acquired around 350 acres in Apex in spring 2021 for $44.75 million. At the time, it unveiled plans to build a 4.5 million-square-foot industrial campus.

In fall 2022, it announced that it started construction on the first two buildings in Vantage North and had pre-leased one of them to Saddle Creek.

According to the developer, Saddle Creek’s building was completed in early 2024.

VanTrust ultimately put up three buildings at Vantage North. Earnest said on Monday that the firm has leased the other two buildings to a single tenant, though he declined to name the company.

Last summer, VanTrust sold nearly 205 acres in Apex — much of its initial land purchase for Vantage North — to Novva Data Centers for almost $181 million, the Las Vegas Review-Journal reported.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.