Mark IV Capital broke ground in late February on the next phase of industrial development at Victory Logistics District in Fernley, Nev., the Northern Nevada Business Weekly reported.

Mark IV kicked off the development of an additional 600 acres of land at the 4,300-acre industrial park. The privately held real estate investment and private equity platform based in Newport Beach, Calif., previously completed nearly 2 million sq. ft. of new Class A distribution space at the industrial park it bought in July 2019.

Premier Design + Build Group is the project's general contractor. Q&D Construction is handling the grading.

Rick Nelson, senior director of Nevada operations of Mark IV Capital, said clearing the land and laying utilities and roadways allows potential clients to take land at Victory Logistics District.

"By enabling this development now, we believe that multiple parcels within the park will be consumed by vendors who are looking for space," Nelson told Northern Nevada Business Weekly. "It really becomes the chicken and the egg: I can show them raw land with nothing to it — there's a lot of that. But if I show them land that has benefits, it becomes highly attractive and they will go after it.

"This property is in a great location, and the utility benefit really advances people's decision-making processes," he added.

NNBW reported that nearly 3 million cu. yds. of dirt will be moved. That will create flat ground for pad-ready sites for the next round of vertical construction, Nelson said.

"By adding this 600 acres, we will be able to access over 1,000 acres of industrial land that we can bring to market within the next year," Nelson told NNBW.

Mark IV Capital will spend $120 million to make the land development-ready, Aside from grading, Mark IV will locate all underground utilities, which includes more than 6 mi. of storm drainage and 5 mi. of new water lines, while creating 4 mi. of paved roadway, according to NNBW.

In addition, Nevada Pacific Parkway will be extended from Interstate 80 to State Highway 50; a bridge will cross the Union Pacific rail lines. The extension will simplify access to Interstate 80 for residents of Hazen, Fallon and East Fernley.

Mark IV will connect fiber network lines running from SH 50 and I-80 into the park for network redundancy. It also will work with NV Energy to upgrade the Eagle substation north of Interstate 80 to deliver greater power requirements, according to NNBW.

"We are working on a number of infrastructure improvements that will make Victory extremely attractive and marketable," Nelson told NNBW. "It's a good investment. We recognize the risk, but we also recognize the gains and have a very strategic outlook. It's the right decision at the right time to advance this area."

Prep work includes digging a water well and building a million-gall. water pool to stabilize the soil, Nelson said. Once the erosion control measures are ready, grading is expected to begin around May 1, 2025.

Fifty to 100 pieces of heavy equipment could be onsite at any given time, Nelson told NNBW.

Completion is expected in early 2027.

Mark IV has already completed significant new industrial space since 2021. Redwood Materials in 2022 wholly leased the 815,215-sq.-ft. building.

Mark IV's next phase of vertical construction consisted of three buildings totaling nearly 1 million sq. ft. of Class A distribution space. Multiple tenants are actively looking at those buildings, Nelson told NNBW.

"With the level of activity right now, we have multiple options for every building, and we are working with brokers to bring those deals to fruition," he said.