Exclusive: NorthPoint, BGO Secure $127M for Vegas Facility

NorthPoint Development and BGO have obtained a $127.4 million refinancing loan for North Vegas Logistics Center’s Building 1, a 1 million-square-foot warehouse in Las Vegas, according to Yardi Matrix.

Brookfield’s Oaktree Capital Management originated the debt, which retired a $72.9 million construction loan originated by Bank OZK in 2023. The building debuted in 2024.

Crocs’ HEYDUDE footwear company fully leased the warehouse in 2023, marking Las Vegas’ first-ever 1 million-square-foot lease. The $111 million agreement runs through December 2033, according to an SEC filing. Additionally, the firm plans to invest $90 million in equipment and building improvements, as revealed by a tax abatement application.

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Building 1 features a clear height of 40 feet, in addition to four grade and 112 dock doors, as well as parking for 779 vehicles.

Located on more than 59 acres at 11515 N. Donald Lee Adams Way, the facility is along the Interstate 15 corridor inside the Apex, Nev., submarket. Industrial development ramped up nearby with EBS Realty and Penwood Real Estate Investment Management kicking off a 1.4 million-square-foot project earlier this year. The site is 5 miles away.

Lenders line up to fund big-box facilities along I-15

Building 1 is part of North Vegas Logistics Center, which includes another 1 million-square-foot warehouse. PepsiCo preleased the space earlier this year, intending to move in by the end of 2026. Notably, the owners obtained refinancing debt for this second building in May, when UMB Bank issued a $141.6 million loan to retire a $70.4 million Bank OZK note, Yardi Matrix shows.

Newly delivered big-box industrial product near I-15 continued attracting debt. In March, Fortress Investment Group originated $116.7 million for Moonwater Capital’s 922,569-square-foot warehouse located 3 miles from North Vegas Logistics Center.