Las Vegas Sun

October 18, 2019

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Canadian company buys Faraday Future land at Apex Industrial Park

Faraday Future Sparks Interest in Apex

Steve Marcus

Land where electric car start-up Faraday Future planned to build a $1 billion auto plant is shown in the Apex Industrial Park near Interstate 15 and Highway 93, north of Las Vegas Wednesday, Feb. 17, 2016.

A Canadian real estate investment trust has purchased land owned by Faraday Future at the Apex Industrial Park, the city of North Las Vegas announced today.

The purchase price was not listed, but a previous report said Faraday was hoping to sell the parcel for $40 million.

H&R REIT, one of Canada’s largest fully internalized real estate investment trusts with over $14 billion in assets, purchased the 900-acre property with immediate plans to develop an industrial park, city officials said. The sale recorded today.

Faraday had planned on building an electric car manufacturing plant at the site but abandoned the project in 2017.

“The sale of this land represents the end of a major chapter out at Apex and the beginning of the next phase of realizing the mayor and council’s vision for achieving the full potential of this unique economic diversification asset,” City Manager Ryann Juden said.

“The Faraday project was the spark that enabled us to bring infrastructure to Apex, and now the door is open for more businesses and advanced manufacturers to locate in North Las Vegas to create new jobs and industry for our valley’s talented workforce,” Juden said.

H&R REIT has ownership interests in a North American portfolio of high-quality office, retail, industrial and residential properties, officials said.

“This is where development is headed in Southern Nevada, and this was an opportunity to partner with the city of North Las Vegas to bring world-class jobs and opportunities to the region,” said Kevin Keating, project manager for the site.

Apex Industrial Park is about 15 miles northeast of downtown North Las Vegas, near the intersection of Interstate 15 and U.S. 93. It spans more than 18,000 acres and is anticipated to create 20,000 direct jobs and 56,000 indirect jobs when fully developed.