A developer is selling a new warehouse complex near Raiders headquarters

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A Boston real estate company has acquired a new warehouse complex near the Raiders’ practice facility, nearly three years after purchasing several buildings near the Raiders’ stadium.

TA Realty has purchased a six-building, approximately 339,000 square foot industrial park in Henderson from developer Jeff LaPour for $53.5 million, the two parties confirmed Monday.

The 21-acre resort, AirParc Heights, sits on the corner of Maryland and Sunridge Heights Drives in the West Henderson area, a fast-growing pocket that has been filled with real estate development in recent years.

No tenants have yet moved to AirParc Heights, but the project is 74% leased, said TA partner Tom Shapiro, who focuses on West Coast acquisitions for the company.

After a long construction boom, Southern Nevada’s industrial market has warmed even more over the past year after the coronavirus pandemic sparked an accelerated shift to online shopping that fueled demand for distribution space.

Developers moved forward with many new projects, owners bought more buildings and businesses took up more space, pushing vacancy rates to record highs.

LaPour, founder of LaPour Partners, described the deal with TA as a “term” transaction, saying he agreed to sell the complex before completing construction and directing potential tenants to the buyer.

Shapiro, meanwhile, said the Las Vegas industrial market has warmed up “significantly” since his company signed a contract to buy the project from LaPour about a year ago.

Its incoming tenants include local distributors or light manufacturing or assembly companies, not Amazon-like businesses, he noted.

According to Shapiro, the lack of space in Southern California benefits areas such as Las Vegas and Phoenix.

California’s Inland Empire, for example, recorded just 0.5% vacancy in the fourth quarter of last year, an all-time low, Colliers International reported.

“There is literally no space in Southern California,” Shapiro said.

Southern Nevada’s industrial vacancy rate fell to just 2.3% late last year, the lowest since Colliers began keeping records in 1999, the company said.

The area west of Henderson, along St. Rose Parkway at the southern end of the Las Vegas Valley, has seen a large influx of construction in recent years, with developers building warehouses, apartment complexes, housing estates and shopping centers.

A particularly publicized project, the headquarters of the Raiders, is a few kilometers from the new property of TA Realty.

TA’s past acquisitions in the Valley include the bulk purchase of six industrial buildings within a mile of Allegiant Stadium for $51.1 million, a deal that closed in the summer of 2019.

Contact Eli Segall at [email protected] or 702-383-0342. To follow @eli_segall on Twitter.

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