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LAS VEGAS-A 3,250-acre tract of land inside the Apex Industrial Park, northeast of Las Vegas, has changed hands for $69 million, according to local industrial brokers. Kerr-McGee Corp., the oil and gas exploration company recently acquired by Anadarko Petroleum Corp., sold the land to Kapex LLC, whose partners include Dave Carver, Jerry Snyder, Ken Templeton and Adam Titus.
The 10,000-acre Apex Industrial Park spans I-15 between the Las Vegas Motor Speedway and US 93, several miles east of the Las Vegas Motor Speedway. Kapex's land, which is closer to US 93, could hold an estimated 30 million sf of buildings.
Kerr-McGee acquired the property in 1989. Kerr-McGee shuttered operations at the Apex site in 2001. The sale to Kapex was brokered by Pat Marsh of Colliers International, which has the listing assignment for the entire park. Marsh tells GlobeSt.com that Kerr-McGee got its asking price and that Kapex was assigned a purchase option held by a third party.
Taking into account that only about 2,200 acres is developable lowlands, Kapex's purchase price works out to about $31,300 per acre. Park developer VesCor Development, which still controls on 6,000 acres there, is currently marketing much smaller chunks of lowland acreage for between $100,000- and $375,000 per acre ($2.30- to $8.60 per sf), depending on its location within the park. Land closer to the Las Vegas Speedway and already served by utilities is priced upward of $435,600 per acre ($10 per sf).
Kapex's Adam Titus was out of the country and unavailable for comment. According to local sources, the new ownership initially plans focus on developing 400 acres already served by power and an on-site well.
An on-site sewage treatment plant is planned. Additional water rights will need to be secured in order to fully develop the property. Kapex's best-case timeline has utility-ready lots ranging from 10 to 200 acres available for sale within 12 months. The plan also reportedly includes speculative and build-to-suit projects.
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