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FedEx Acquires Six Acres for Warehouse

LAS VEGAS-The $34-billion company pays $18.53 per square foot for the land, which local experts say is more than twice the going rate.

By Brian K. Miller | Updated on December 22, 2009

LAS VEGAS-Apparently a couple of million dollars doesn’t mean much to a company generating $34 billion in sales. FedEx Corp. recently paid upward of $4.8 million for a six-acre land parcel here, which according to local land specialists is more than double what the property is worth in the current market.

The property is located at 7000 Post Rd. FedEx is having a 90,000-square-foot ground transportation facility built for it on the property by McMahon Development, with which it has signed a 10-year lease. Construction is underway.

The purchase price works out to $18.53 per square foot. Local experts tell GlobeSt.com that the current market for land–not that it’s trading these days–is no greater than $8 per square foot. Moreover, they say there’s nothing special about the property that FedEx purchased.

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