Reno-based Tolles Development has received County Commission approval to develop 140 acres for a 1.9 million square feet of industrial complex +/-30 miles south of Las Vegas in the unincorporated town of Jean in Clark County. 

Las Vegas industrial real estate is at +/-3% vacancy and has enjoyed a +/-16% rent growth year-over-year according to CoStar Market Analytics. Major companies including Amazon, FedEx, UPS, Bed Bath and Beyond, Fanatics, Haus Automation, and Sephora are just a few that have moved and expanded in the Las Vegas market. The region posted $2.3 billion in industrial property sales, up +/-93% over the last year. This percentage is not strictly a reflection of sales volume it also includes greater price per foot and larger transaction sizes. 

The property was the former Terrrible’s Hotel and Casino and has been shut down since the onset of the pandemic. Tolles purchased the property from the Herbst family for $44.7 million in February of 2022. Records indicate that the Herbst family purchased the property in 2015 for $12 million. The deal included a hotel-casino with 560 guest rooms. The hotel will remain a couple years into development. Tolles plans to break ground Q4 2024.