Development · East Las Vegas
Developer breaks ground on $22 million industrial condo complex across from Nellis Air Force Base
LM Construction owner Larry Monkarsh has started site work on North Valley Business Park, a three-building warehouse project where units will be sold one by one, a model still rare in Southern Nevada.
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What happened
A new warehouse complex called North Valley Business Park is under way across from Nellis Air Force Base, the Las Vegas Review-Journal reported. LM Construction Co. owner Larry Monkarsh held a ceremonial groundbreaking at the site, near the southwest corner of Las Vegas and Nellis boulevards, and site work has started.
Monkarsh told the Review-Journal he expects the roughly $22 million project to be finished in late spring or early summer 2027. He said he is working with Matterhorn Venture Partners and Newhall Partners on the development.
What is being built
Three buildings, many unit sizes
According to a marketing brochure cited by the Review-Journal, the three buildings will total nearly 111,800 square feet combined. Individual units will range from 6,480 to 58,077 square feet.
How the plans changed
Clark County commissioners first approved an industrial project at Las Vegas and Nellis boulevards in spring 2024. County staff said at the time that the three buildings would measure 96,260 square feet combined. County records show the plans were modified a few times after Monkarsh bought the land, and the Clark County Building Department issued multiple building permits for the complex in September.
Property records show Monkarsh acquired the 6.45-acre site in late 2024 for $4.5 million. He said the prior owners had obtained the original approvals, and that the site was "teed up, ready to go" when he bought it, the Review-Journal reported.
Why the sales model stands out
Selling units one by one
The northeast part of the valley, near Nellis and Las Vegas Motor Speedway, already holds many warehouses. What sets this project apart is that it is an industrial condo complex, meaning Monkarsh plans to sell units individually. The Review-Journal noted that warehouse developers in the area more typically lease space to tenants and sell whole buildings to new landlords.
Monkarsh said the approach gives his group flexibility to either sell or rent units, and that any leased space would be offered for sale to another landlord. He said selling individually lets him recover his investment sooner and put the money into another deal, adding that he would rather sell and "move on to the next project."
What brokers are seeing
Jarrad Katz, president of MDL Group and the listing broker for the project, said industrial condo projects are still rare in Southern Nevada. He also said developers are finding buyers and that the resale market is strong. More on local property trends is in our real estate coverage.
The market numbers
An MDL report cited by the Review-Journal found that owner-occupants bought 40 industrial buildings in Southern Nevada in the first half of this year, at an average price of $276.20 per square foot. That compares with 24 such deals in the same period last year, at an average of $269.50 per square foot.
The average building size among this year's purchases was around 12,500 square feet, MDL reported. For other projects reshaping the valley, see our development news.
What to watch next
- Construction progress toward a planned finish in late spring or early summer 2027, according to Monkarsh.
- Whether units are sold outright or leased first, which Monkarsh said his group can decide as the project moves forward.
- Sales activity on the units, with MDL Group serving as listing broker.
