The buyers of a former Walmart Supercenter in northeast Las Vegas plan to redevelop the property into industrial space.
New York-based real estate developer Rockefeller Group — known for the iconic Rockefeller Center — purchased the store, which closed in 2016, for $19 million, the developer announced in a news release. It plans to turn the big box space into two speculative industrial buildings totalling 369,198 square feet.
Dubbed Craig Road Logistics Center, the industrial buildings will be constructed on the 19-acre site at the intersection of Craig Road and North Nellis Boulevard in Clark County. The property isn’t within the city limits of Las Vegas.
“Since the Walmart location closed in 2016, we have been looking for an innovative way to redevelop the parcel and bring back jobs to the area,” Clark County Commissioner Marilyn Kirkpatrick said in a statement. “We are confident that we have found the right use for the project and the right partner in Rockefeller Group.”
Both the buyers and sellers represented themselves in the sale. Jason Simon and Rob Lujan of JLL’s Las Vegas office will be the listing brokers for the industrial project.
Marc Berg, vice president, regional director for Rockefeller Group, said demolition of the site will start this month, and construction should be completed in June 2025. The types of tenants will range from distribution and warehousing to e-commerce, light manufacturing and assembly, he said.
“We would like to thank Commissioner Kirkpatrick for working closely with the seller on rezoning the property from commercial to industrial and are confident the new use of the site will benefit the surrounding community,” Berg said in a statement.
James Wall, a senior associate for Rockefeller Group, said the firm was motivated to buy the property because it is less than three miles from its other industrial properties in the valley. Plus, it said Las Vegas is one of the fastest-growing industrial markets in the country, with a vacancy rate within the subsector of 1.6 percent at the end of the second quarter.
“Given the interest we have had from third-party logistics users and other distribution tenants in both our Nellis project and Cheyenne projects in North Las Vegas, this is a logical next project for us and an excellent opportunity for us to continue our expansion to Las Vegas,” he said.
Craig Road Logistics Center will include two buildings, a 227,660-square-foot building with 36’ clear height, and a 141,538-square-foot building with 32’ clear height. Both buildings will contain numerous state-of-the-art features to make the project a class A facility, the developer said.
Lee & Sakahara Architects will design the project, and TWC Construction will be the general contractor. Rockefeller Group’s civil engineer is Taney Engineering.
Rockefeller Group also is developing Cheyenne Industrial Park, which includes two buildings totaling 145,630 square feet on North Lamb Boulevard, and Nellis Logistics Center, a 134,100-square-foot speculative distribution facility at North Nellis Boulevard and East Carey Avenue, in Clark County.
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