An Amazon warehouse near Jerry’s Nugget casino has been sold to a new owner, the latest purchase from one of its many distribution centers in southern Nevada.
Real estate investment firm ElmTree Funds acquired the Amazon-occupied facility at the corner of Las Vegas Boulevard and Owens Avenue for an estimated $63.5 million, property records show. The sale, by Panattoni Development Co. Inc. and others, was completed in late August.
Amazon opened the 147,000 square foot fulfillment center last year, saying the North Las Vegas facility marks its 13th operating site in Nevada.
The online retail giant told the Review-Journal on Tuesday that it was aware of the new owner and that it would be “business as usual” at the establishment.
ElmTree, based in St. Louis, Missouri, focuses on industrial properties and was involved in investment deals worth $4 billion last year, the company said.
Panattoni partner Doug Roberts, who oversees his firm’s Nevada projects, is a prominent industrial developer in Las Vegas Valley real estate circles.
Efforts to get comments from ElmTree and Roberts were unsuccessful on Tuesday.
Southern Nevada’s industrial market has warmed over the past year-plus as the pandemic sparked an accelerated shift to online shopping that fueled demand for retail space.
Developers flooded Southern Nevada with new warehouses, landlords bought up more buildings, and market vacancy dropped to record lows as tenants snapped up available space.
Amazon has been a major reason for the growth and owners have paid big bucks to own its facilities.
In the Las Vegas Motor Speedway area, for example, at least three Amazon facilities have traded hands in the past five years. The buildings all sold out about a year after they were built, and prices skyrocketed.
In April, a Boston investment firm acquired an 857,000 square foot Amazon warehouse for $226.4 million as part of a two-building acquisition along Tropical Parkway off Interstate 15, according to property records.
By comparison, in late 2017, an 813,000 square foot Amazon facility sold for $73.4 million in a two-building purchase along I-15 on Lamb Boulevard.
Amazon’s facility that sold out last month, at 650 E. Owens Ave., is much smaller and is known as a “last mile” delivery station. Packages are sent to these facilities from nearby Amazon fulfillment and sorting centers, loaded into vehicles and delivered to shoppers, the company said.
Amazon opened a last mile center in spring 2021 off St. Rose Parkway near the M Resort in Henderson. Last fall, a Boston real estate firm purchased the 147,000 square foot facility for more than $81 million, also from Panattoni.
The building is just up the street from an Amazon facility that spans over 600,000 square feet and was also developed by Panattoni.
Highlighting the demand for industrial space in Southern Nevada, brokerage firm Colliers International reported that the market vacancy rate was just 1.3% in the second quarter, the lowest on record for the region. .