Nevada

Dermody Properties is building industrial buildings near the Raiders’ headquarters in Las Vegas.

 

A new industrial complex is being formed near the Raiders’ headquarters in Henderson, marking another major development in an area that has been overrun with construction in recent years.

Developer Reno Dermody Properties, which began construction on the complex more than a year ago, has attracted slot machine maker Aristocrat Gaming and shoe company OluKai as tenants for the project, which is still under construction, Dermody partner John Ramous told Review-Journal.

The LogistiCenter complex on I-15 south is being built along Volunteer Boulevard on the west end of Henderson. It is expected to have four buildings totaling just over 1 million square feet.

Based in Irvine, California, OluKai is a Hawaiian-inspired shoe company that sells sandals, shoes, and the like. In the new project, he is expected to occupy a building of about 330,000 square feet, Ramus said.

OluKai did not respond to requests for comment.

Aristocrat, which has a corporate campus off Flamingo Road on Hualapai Way in Las Vegas’ Summerlin neighborhood, will use its new space in Henderson for logistics and distribution, Ramus said. It is expected to span two buildings totaling approximately 390,000 square feet.

Aristocrat spokeswoman Oriana Branon said the company “cannot be involved” in the story.

Located on the southern edge of the Las Vegas Valley, Henderson’s western neighborhood became a popular development site about four or five years ago. It has attracted new housing estates, shopping malls, housing estates and, most notably, warehouses.

The area had plenty of land, good infrastructure, and proximity to Interstate 15. It’s also much closer to Southern California than, say, North Las Vegas, making it much more likely that incoming truckers will be able to check in at the warehouse. in west Henderson and return earlier. they should take a rest period, real estate professionals say.

The Southern Nevada warehouse market as a whole grew for years before the pandemic led to a surge as the public health crisis triggered an accelerated shift to online shopping, spurring demand for warehouse space.

Industry professionals say that last year’s rise in interest rates pulled the sails off somewhat. But in general, the demand for the area was fierce. The market’s vacancy rate was a record low of 1.3% in the third quarter of last year, brokerage Colliers International said.

Ramous said sales of warehouse space to investors have slowed, but tenants are still taking up space.

“Demand is still very high,” he said.

Contact Eli Segall at [email protected] or call 702-383-0342. Follow @eli_segall on Twitter.

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