New $22M warehouse project underway near Nellis Air Force Base

Construction is underway on North Valley Business Park, a three-building warehouse complex near the southwest corner of Las Vegas and Nellis boulevards. LM Construction Co. owner Larry Monkarsh held a ceremonial groundbreaking last week for the roughly $22 million project, which spans nearly 111,800 square feet combined. Units will range from 6,480 to 58,077 square feet each, with completion expected in late spring or early summer 2027.

The development stands out in a market crowded with warehouses, particularly in the northeast valley near Nellis Air Force Base and Las Vegas Motor Speedway. Unlike typical industrial projects where developers lease space and sell entire buildings to landlords, Monkarsh is building an industrial condo complex to sell units one by one. He said the approach gives his group flexibility to sell or rent units, and if they lease any space, they will try to promptly sell that section to another landlord.

"Managing a property is a lot of work," Monkarsh said, noting he would rather "move on to the next project." He teamed with Matterhorn Venture Partners and Newhall Partners on the development. MDL Group President Jarrad Katz, the listing broker, confirmed industrial condo projects remain rare in Southern Nevada but said developers are finding buyers and the resale market is strong.

According to an MDL report, owner-occupants purchased 40 industrial buildings in Southern Nevada during the first half of this year at an average price of $276.20 per square foot, up from 24 deals at $269.50 per square foot during the same period last year. The average building size among this year's transactions was around 12,500 square feet.

Clark County commissioners initially approved plans for an industrial project at the site in spring 2024, when the complex was slated to measure 96,260 square feet. Monkarsh acquired the 6.45-acre site in late 2024 for $4.5 million, stating the prior landowners had obtained original approvals and the site was "teed up, ready to go." County records show plans were modified several times after his purchase, and the Clark County Building Department issued multiple building permits in September.

Sources: Las Vegas Review-Journal