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New NLV warehouse expected to bring tenants, jobs | News

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New NLV warehouse expected to bring tenants, jobs

NORTH LAS VEGAS -- A massive new warehouse that's being built in North Las Vegas is expected to grow business in the area.

Nevada Governor Brian Sandoval attended the groundbreaking of the LogistiCenter near Cheyenne Avenue and Lamb Boulevard Tuesday.

Officials expect the building to be move-in ready within five months.

The warehouse is being built as a "spec" building, much like a spec home, meaning there isn't a firm tenant. When the building is complete, it will measure 380,000 square feet. That's equal to seven football fields laid side-by-side.

"This is the type of project that we welcome," said Tom Collins, Clark County Commissioner. "It brings good jobs to the area."

Collins and Gov. Sandoval both touted the project as a sign the economy was turning around.

"Four years ago, this wasn't going to happen, and so here we are," Gov. Sandoval said. "Nevada's coming back; we're doing great things, local government, state government, the private sector. It's all coming together."

A recent study by commercial real estate firm Colliers International shows vacancies in valley industrial buildings is down to 8 percent as of last month, nearly half of what it was just two years ago. Brokers say it's a solid sign of recovery.

"We've held this land for about seven to eight years, and we've been anxious for something to come together," said Patrick Gallagher, partner, Dermody Properties. "The economy's coming back, and we feel very confident about what's happening in Nevada."

Tenant spots haven't been filled, but the developer says similar distribution centers employ up to 800 people. Collins says he hopes to see more of these projects pop up in North Las Vegas.

"This is going to be good level jobs that are, make-a-living," Collins said.