EBS Realty and Penwood Break Ground on 1.35M SQF Apex Ridge Logistics Park in North Las Vegas

The Daily Dig

EBS Realty and investment partner Penwood Real Estate Investment Management have broken ground on Apex Ridge Logistics Park, an industrial development in North Las Vegas, Nevada. The project will deliver more than 1,358,005 square feet of Class A logistics space across two buildings within the Apex Industrial Park.

The campus sits on a 91-acre site at 9150 N. Terryl B. Adams St., roughly 19 miles northwest of downtown Las Vegas. The two buildings will measure 755,628 square feet and 602,377 square feet. EBS Realty acquired the land for $31 million in February 2025 and then closed $56.5 million in construction financing through PNC Bank across two separate loans. The facilities are designed to serve tenants in e-commerce, manufacturing, and distribution.

Project Snapshot:

TheJobWalk Thoughts

What makes this groundbreaking worth watching is the timing. Southern Nevada's industrial market softened through 2024 and into 2025, vacancies climbed, pre-leasing slowed, and many developers pulled back. EBS and Penwood are pushing forward anyway, fully spec, with no signed anchor tenant, betting on I-15 access and a submarket that has absorbed big blocks from Kroger, DHL, and Crocs. For GCs, subs, and suppliers, fewer active projects in the pipeline means better subcontractor availability and real schedule leverage, but it also means sharper competition on bid day. On a two-building tilt-wall campus this size, grading, underground utilities, and site concrete set the pace for everything that follows. If you are not already in front of the GC, now is the time.