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LAS VEGAS-An affiliate of Century Steel has acquired a 60.26-acre chunk of Black Mountain Industrial Park here for $24 million. The locally based company plans to slice off 18 acres for itself and flip the remainder, according to a broker in the deal, Grubb & Ellis SVP Xavier Wasiak.
The property is located immediately northeast of the I-215/I-515 interchange. The property borders Lake Mead Drive and then the northbound on-ramp to I-515 from Lake Mead Drive. One end of the property borders Pioneer Cos.' chlor-alkali manufacturing facility.
On the land it is keeping, Wasiak tells GlobeSt.com that Century Steel will develop a steel fabrication facility. For the sale of the remainder, Wasiak says he is currently in discussions with a developer.
Century Steel paid Pioneer Cos. of Houston $9.14 per sf for the property, a price that was locked in 15 months ago. Wasiak says the value of the property has definitely increased since then, but he declined to speculate on the spread.
The contract to acquire the property was originally held by Marnell Properties LLC, according to a Pioneer Cos. press release from June 2005. Marnell Properties was going to acquire the property and then use "a portion" of the property for Century Steel's facility, according to the release. Ultimately, Marnell assigned its purchase rights to Century Steel.
Founded in 1972, Century Steel, is one of the West Coast's largest reinforcing steel providers. The company's structural steel fabrication unit was launched in 1982. Its clients have included contractors and developers of business parks and casino mega-resorts. Existing tenants within Black Mountain Industrial Park are Pro-Caps Laboratories, Milgard Windows and the Henderson Commerce Center.
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