Mosaic Commerce Center, 34-Acre Industrial Park in North Las Vegas, Purchased for $115 Million
LAS VEGAS, NY – A Delaware-based investment group has reportedly purchased a 34-acre industrial park located in North Las Vegas for $115 million.
The Mosaic Commerce Center – a Class A, mid-bay industrial project comprised of nine buildings totaling 582,510 square-feet – has been sold by Las Vegas-based real commercial real estate firm The Mosaic Companies to KW FUND VII- NORTH BELT ROAD, LP, a subsidiary of Beverly Hills-based real estate investment company Kennedy Wilson.
Construction on the Mosaic Commerce Center – facing Interstate 15 and located about six miles south of Apex Industrial Park – was completed in July 2023 in order to meet the growing demand in North Las Vegas for mid-bay projects for office space and warehouse use. At the time of its sale, the complex was fully-leased with a total of 21 tenant companies, most of whom had moved into the facility in July and August of last year.
The Mosaic Companies issued a statement announcing the sale, with the company’s Founder, Vincent Schettler, saying that KW FUND VII- NORTH BELT ROAD, LP is a strong player in the real estate marketplace and should experience great success with their newest acquisition.
Today, we are delighted to announce the successful sale of Mosaic Commerce Center. This project exemplifies our teams’ dedication to excellence and innovation in the world of industrial real estate,” Schettler said. “We are thrilled that our buyer recognized the value in this project, and we look forward to seeing their continued success of this remarkable industrial complex.”
The sale did not encompass all of the Mosaic Commerce Center’s property; Mosaic Companies still owns approximately four acres, upon which they are planning to develop two service hotels and retail centers. The groundbreaking on the first hotel is scheduled to take place by the end of 2024.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.