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Kapex Plans 3,250-Acre Industrial Project

LAS VEGAS-The new owner of the Kerr McGee property northeast of the city tells GlobeSt.com it will have development-ready lots available next year.

By Brian K. Miller | Updated on September 10, 2006

(To read more on the industrial market, click here.)

LAS VEGAS-Kapex LLC, the group that last month acquired a 3,250-acre chunk of the 10,000-acre Apex Industrial Park envisions a major big-box warehouse and distribution center rising on the property over the next 10 years. The group expects to have development-ready lots available within 12 months and also plans to develop buildings on a speculative basis.

The face of the group is Adam Titus, most recently with VesCorp., the company that created the industrial park and still owns 6,000 acres of it. “I still have some ownership in the rest of Apex Industrial Park, but am no longer involved with VesCorp,” says Titus, who was out of the country when GlobeSt.com reported the story last month.Kapex paid $69 million for its piece of Apex Industrial Park, which lies a dozen miles northeast of Las Vegas on I-15, beyond the Las Vegas Motor Speedway. Kapex’s land, which is near I-15 and US 93, could hold an estimated 30 million sf of buildings. While further out Interstate 15 than most existing industrial parks in the region, Titus says there is pent-up demand for this type of product in the marketplace today and Kapex’s cost basis in the land is much lower than most.

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