LAS VEGAS, Jan. 14, 2025 -- Visionary III, LLC ("Visionary III") has joined forces with Matterhorn Venture Partners ("MVP") to acquire a 6.5-acre development site in the North Las Vegas Valley industrial submarket, located at the southwest corner of N. Nellis Blvd and N. Las Vegas Blvd. This acquisition paves the way for the launch of North & North Business Park, a three-building speculative industrial project designed to meet the rising demand for end user and investor needs for prime industrial space in the area.
The Las Vegas industrial sector has experienced remarkable growth, expanding by over 50% since 2012. Despite this, the North Las Vegas Valley submarket continues to face a shortage of smaller, modern industrial spaces, with vacancy rates for buildings under 50,000 square feet hovering near 1.5%.
"We're very excited to move forward with this project in partnership with MVP," said Larry Monkarsh, Manager of Visionary III. "The scarcity of end user-sized industrial buildings in the North Las Vegas Valley presents a tremendous opportunity, and this acquisition enables us to provide much-needed solutions for local businesses and investors alike."
Construction on North & North Business Park is set to begin in the summer of 2025. "Our goal is to offer these buildings for lease or sale to individual users," said Scott McKibben, CEO of Matterhorn Venture Partners. "We've already engaged in preliminary discussions with potential users and are optimistic about the interest this project has generated."
This strategic acquisition underscores the ongoing commitment of Visionary III and MVP to deliver value in key U.S. markets. The North & North Business Park is positioned to become a vital addition to the North Las Vegas Valley industrial landscape, addressing a critical need for small-bay industrial space.
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