Preylock Holdings has paid VanTrust Real Estate $110 million for the 855,000-square-foot Tropical Distribution Center 1 in Las Vegas, the largest Amazon-leased facility in Nevada, according to public records. Goldman Sachs provided financing for the acquisition.
The property came online in May 2019, making it the largest industrial delivery in Las Vegas last year. VanTrust financed the build-to-suit project with a $64.1 million construction loan from JPMorgan Chase, according to a source familiar with the transaction.
Located at 6001 E. Tropical Parkway, the building has 122 loading docks with bumpers and levelers in addition to three drive-in doors. The property features clear heights up to 41 feet, expansive truck courts and 400 stalls for trailers. Car parking is available at a ratio of 2.75 spaces per 1,000 square feet. Amazon has equipped the structure with two conveyor belt mezzanine floors and four robotic storage platforms, bringing the interior floor area to some 2.3 million square feet.
Although most investment in Las Vegas’ commercial real estate had dropped sharply as a result of the COVID-19 pandemic, the metro’s industrial sales increased more than twofold following the Nevada governor’s shutdown of the state’s non-essential businesses in March. As the city gains increasing importance as a regional distribution hub, this trend appears likely to continue.