Real Estate · North Las Vegas
Washington, D.C.-area investor Artemis buys two Apex Industrial Park warehouses in North Las Vegas for more than $190 million
Artemis Real Estate Partners bought two warehouses totaling 1.2 million square feet in North Las Vegas from developer VanTrust, the Review-Journal reported. Both buildings are leased to DHL.
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What happened
A real estate investment firm based near Washington, D.C., has bought two large industrial buildings in the Apex Industrial Park in North Las Vegas, the Las Vegas Review-Journal reported. The buyer, Artemis Real Estate Partners, paid more than $190 million combined for the pair, according to property records cited by the newspaper.
The seller was developer VanTrust Real Estate. The Review-Journal reported that the sale closed last month, making Artemis the new landlord for both buildings. For other recent property sales around the valley, see our real estate section.
The deal by the numbers
Two separate prices
Artemis bought one building for $118.2 million and the other for $74.2 million, the Review-Journal reported. The newspaper described the combined total as more than $190 million. The prices were drawn from property records, according to the report.
Size and location
Together the two buildings span 1.2 million square feet. They sit along Interstate 15, about 20 miles northeast of the Las Vegas Strip, in what the Review-Journal called the remote Apex Industrial Park. The newspaper described both as big industrial buildings and warehouses.
Who uses the buildings
Leased to DHL
VanTrust had previously leased both warehouses to DHL, according to the Review-Journal, which described the company as a package-delivery giant. The developer said DHL will run the buildings as a contract logistics provider for a client.
An unnamed client
VanTrust declined to name the client DHL will serve from the two buildings, the Review-Journal reported. The report did not describe any plans Artemis has for the properties beyond the existing lease to DHL.
VanTrust's exit from Vantage North
Developer confirms the sale
Keith Earnest, an executive vice president at VanTrust who oversees its development projects in Nevada and other states, confirmed the sale to the Review-Journal. He also confirmed that VanTrust has now sold all of its holdings in the Vantage North campus it developed in Apex.
Earnest told the newspaper that the firm is looking for new deals in Southern Nevada. The Review-Journal did not report any specific projects or sites VanTrust is considering.
The buyer
Artemis Real Estate Partners is described by the Review-Journal as a real estate investment firm based near Washington, D.C. With this purchase, it becomes the owner of the two DHL-leased buildings in Apex. The report did not include comment from Artemis.
What to watch next
- VanTrust says it is scoping for new deals in Southern Nevada after selling off its Vantage North holdings, according to the Review-Journal.
- The identity of the client DHL will serve from the two Apex buildings has not been disclosed; VanTrust declined to name it.
