2 empty warehouses in Apex Industrial Park land big-name tenant
A package-delivery giant has leased a swath of warehouse space in North Las Vegas’ Apex Industrial Park.
DHL leased the two remaining vacant buildings in the Vantage North complex in Apex, giving the company around 1.2 million square feet combined, said Jenna Borcherding, senior director of development with landlord VanTrust Real Estate.
The warehouses are along Interstate 15, about 20 miles northeast of the Las Vegas Strip.
Borcherding told the Las Vegas Review-Journal last week that DHL will operate the buildings as a third-party logistics provider for a client she declined to name.
Such firms typically provide warehousing, transportation and other services for e-commerce companies or other clients.
Germany-based DHL, known for its yellow-and-red delivery vans, offers contract logistics services around the globe. The company’s DHL Supply Chain division boasts 188,000 full-time employees and operations in 50-plus countries.
DHL spokeswoman Marcia McLaughlin confirmed Wednesday that DHL Supply Chain leased the space in Apex but said the company was unable to provide further comment at this time.
All told, the deal is a big transaction in a market that overall has pumped the brakes for the past few years.
In Southern Nevada, more industrial buildings have been sitting empty, developers have cut back on new projects, and real estate pros have said that landlords were offering months of free rent and other perks to land tenants.
The slowdown followed a rapid expansion after the COVID-19 pandemic hit, which sparked an accelerated shift to online shopping that fueled demand for distribution space. Warehouse developers launched waves of new projects, often without tenants lined up first, and quickly filled their buildings.
VanTrust, for instance, acquired around 350 acres in Apex in spring 2021 and 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 Logistics Services.
VanTrust ultimately put up three buildings at Vantage North. The facilities leased to DHL were built in 2023 and 2024 and flank the Saddle Creek building, Clark County records show.
Borcherding said the remaining buildings were subject to the market slowdown, noting her company had a lot of proposals and tenant inquiries “but deals just weren’t getting done.”
When the DHL lease came around, she said, “we had to make it happen.”
“That’s a big block of space off the market,” she noted.
Saddle Creek recently purchased its building from VanTrust for nearly $97 million.
Last summer, VanTrust also sold around 205 acres in Apex — much of its initial land purchase for Vantage North — to Novva Data Centers for almost $181 million.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
