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June 22, 2024
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PaulsCorp Buys Newly Constructed Distribution Project in Las Vegas


PaulsCorp, a family-based developer, purchased Interchange Industrial Center, a newly constructed, 689.5k sf distribution project in Las Vegas. The two-building, Class A project was 100% leased at the time of sale.

Built in 2021, the project is situated on 33.56 acres at the intersection of I-15 and the 215 Freeway in North Las Vegas. The facilities are designed with modern industrial features including cross-dock configurations, 32- to 36-foot clear heights, ESFR sprinklers and ample trailer parking. The property is fully leased to three tenants: Boxabl, Bark Box and Evanesce Packaging Solutions.

Interchange Industrial Center offers immediate access to the regionís major transportation infrastructure. The property is less than one minute from both I-15 and the 215 Freeway, 5 minutes from the Union Pacific Intermodal Terminal and 12 minutes from I-515. The project is also proximate to the Las Vegas Strip, Allegiant Stadium and McCarran International Airport.

Andrew Briner, Bret Hardy, Jim Linn, Ken White and Kevin Shannon with Newmark represented the seller, CapRock Partners.

The North Las Vegas submarket continues to be one of the fastest growing industrial submarkets in the region, according to Newmark Research. This is particularly true for warehouse and logistics space, as the submarket offers easy freeway access and more developable land at lower relative costs. During the fourth quarter of 2021, 3.4 msf of industrial development was underway in North Las Vegas, accounting for 54% of the greater marketís under-construction total.

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