Updated November 7, 2023 - 11:45 am
A Delaware company has bought a large nine building industrial project in North Las Vegas for $115 million.
The Mosaic Companies — a Las Vegas-based real commercial real estate firm — sold the Mosaic Commerce Center to KW FUND VII- NORTH BELT ROAD, LP. A representative for Mosaic said the buyer is a subsidiary of Kennedy Wilson, a real estate investment company based out of Beverly Hills.
The complex — which totals 582,510 square feet across 34 acres — is located about six miles south of Apex Industrial Park in North Las Vegas and is currently fully leased by 21 companies. Construction on the project was completed in July and most of the tenants moved in July and August.
The Mosaic Companies also said they still own four acres at the Mosaic Commerce Center and are planning on breaking ground on the first of two service hotels and retail by December of next year.
North Las Vegas has seen an explosion of industrial development over the past few years, led largely by the emergence of the longstanding Apex Industrial Park project.
After decades of delays and false starts, Apex is booming with development. Smith’s Food & Drug recently had a hiring fair to fill 200 positions at its 850,000-square-foot distribution center, which is nearing completion. Several companies are expected to open distribution facilities next year at Apex, including HeyDude, Dermody, Hopewell and CarMax. Prologis also recently bought 879 additional acres to expand its operations, as well as California-based CapRock buying 85 acres for $24.1 million for a planned two-warehouse complex.
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