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

A new warehouse complex is set to take shape across from Nellis Air Force Base.

LM Construction Co. owner Larry Monkarsh held a ceremonial groundbreaking last week for North Valley Business Park, near the southwest corner of Las Vegas and Nellis boulevards. Site work is underway.

Plans call for the three-building complex to span nearly 111,800 square feet combined, with units ranging from 6,480 to 58,077 square feet each, according to a marketing brochure.

Monkarsh said in an interview that he expects to finish the roughly $22 million development in late spring or early summer 2027.

Southern Nevada is packed with warehouses, especially in the northeast Las Vegas Valley near Nellis air base and Las Vegas Motor Speedway. Monkarsh’s project, however, is different from others in the valley in a notable way, as he is developing an industrial condo complex, meaning he intends to sell units one-by-one.

By comparison, warehouse developers in the Las Vegas area typically lease space to tenants and sell entire buildings to new landlords.

‘Move on to the next project’

Monkarsh, who said he teamed with Matterhorn Venture Partners and Newhall Partners on the development, stated that the project gives his group flexibility.

As he described it, they can either sell or rent the units, and if they lease any space, they will try to promptly sell that section to another landlord.

Overall, he said that being able to sell units individually lets him recover his investment faster and roll the proceeds into another deal. Managing a property is a lot of work, he said, noting he’d rather just sell and then “move on to the next project.”

MDL Group President Jarrad Katz, listing broker for North Valley Business Park, agreed that industrial condo projects overall are still rare in Southern Nevada.

Still, he said that developers are finding buyers and that the resale market is strong.

According to a report from MDL, 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.

That’s up from 24 such deals during the same period last year at an average price of $269.50 per square foot.

The average building size among this year’s tally was around 12,500 square feet, MDL reported.

‘Teed up, ready to go’

Clark County commissioners initially approved plans for a new industrial project at Las Vegas and Nellis boulevards in spring 2024.

At the time, the three-building complex was slated to measure 96,260 square feet combined, county staff reported.

Monkarsh, who mainly builds projects as a general contractor but also develops his own, acquired the 6.45-acre project site in late 2024 for $4.5 million, property records show.

He confirmed that the prior landowners obtained the original project approvals and said that when he purchased the site, it was “teed up, ready to go.”

County records show the project plans were modified a few times after his land purchase, and that the Clark County Building Department issued multiple building permits for the complex in September.

Contact Eli Segall at [email protected] or 702-383-0342.