LAS VEGAS – Sept. 20, 2021 – Matter Real Estate Group, a community-minded development firm with projects throughout the Las Vegas Valley, today announced the purchase of a 42-acre land site in North Las Vegas at the new Tropical/I-15 interchange. The site will be home to Matter Logistics @ North 15, a one million-square-foot development that will help meet market demand for industrial space. Matter will break ground on the project during the fourth quarter of 2021 with an opening planned for late 2022.
Unique to this project is its size, since the Las Vegas Valley has an increasingly limited supply of land for buildings this large. Matter Logistics @ North 15 will encompass two buildings, one with over 685,000 square feet and the other with approximately 250,000 square feet. Tenants will benefit from ample trailer parking and 40 feet of height clearance, a first for Southern Nevada. The project architects are Ware Malcomb, an international firm with almost 50 years of experience in commercial and corporate real estate.
“This latest project is a continuation of our efforts to meet the demands of the greater Las Vegas business community with high-quality developments that exceed the expectations of our tenants,” said Jim Stuart, partner at Matter Real Estate Group. “Opportunities like this one are becoming exceedingly rare and we have given a great deal of critical thought into developing a thoughtful, meticulously planned industrial warehouse space.”
Matter Logistics @ North 15 is funded by Principal Real Estate Investors. With a reputation of responsible investing, Principal Real Estate Investors focuses on proven performance and innovation with a strategically diverse mix of businesses, industry-leading technology and a disciplined approach to entering global emerging markets.
“We have been impressed with the real estate portfolio that Matter has built in the Las Vegas Valley,” said Mike Benson, Managing Director with Principal Real Estate Investors. “We also appreciate the opportunity to invest in the fast-growing Las Vegas business community and the expansion of new business sectors in the region.”
The purchase of this land and announcement of Matter Logistics @ North 15 comes less than a month after the sale of Matter Logistics Center @ West Cheyenne. Prior to the sale, the Matter team was able to fully lease the 725,000 square feet of light and high-bay distribution spaces to 20 businesses during COVID-19 with some of the highest rents in the North Las Vegas sub-market.
Matter Real Estate is developing several projects throughout the Las Vegas Valley. UnCommons will be a $400 million, 40-acre mixed-use community opening in southwest Las Vegas in 2022. Bringing together multiple fitness studios, open-air common areas, contemporary residential units and a mélange of food and beverage options, the campus will set the foundation for a thriving, inspiring workplace. Future phases will bring UnCommons to more than 500,000 square feet of modern office space, all built with distinctive architectural features and the latest in safety innovations. Matter Park @ West Henderson is adjacent to the new Las Vegas Raiders headquarters and training center. The $90 million development spans 37 acres with seven buildings offering office, flex and showroom space, in addition to warehouse and distribution space. Currently, Matter has more than $500 million in development projects underway in Las Vegas. For more information, visit www.MatterRealEstate.com.
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About Matter Real Estate Group
Matter Real Estate Group is a real estate development company created to elevate the everyday human experience, enabling people, businesses and communities to thrive. The company is led by three partners, Jim Stuart, Matt Root and Kevin Burke, each with more than 20+ years of experience in the development of place making projects combining design, construction and operating strategy all under one roof. The team behind Matter strongly believes that development can be a curated experience designed around business needs while at the same time focusing on flexibility, purpose and inclusiveness. Headquartered in San Diego, Matter focuses on developing within the Western United States, primarily within Las Vegas. More information is available on the website at www.MatterRealEstate.com, on Facebook at @MatterRealEstateGroup, Instagram at @MatterRealEstateGroup and LinkedIn at Matter Real Estate Group.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $96.0 billion in commercial real estate assets (as of June 30, 2021). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
