Matter Real Estate Group based in San Diego has acquired 32.8 acres of vacant land in North Las Vegas from Qualcomm for $7.1 million.

Jim Stuart, Matt Root and Kevin Burke, who recently formed Matter Real Estate Group, said they plan to build a 540,000 square foot warehouse and distribution center on the property.

The project, dubbed Matter Logistics Center@West Cheyenne, would consist of six buildings.

The site is at the northeast corner of West Cheyenne Avenue and Valley Drive across from the North Las Vegas airport.

Construction is slated to start in December 2018 and take about two years to complete.

“The greater Las Vegas Valley is currently significantly underserved from a light product standpoint, and we look forward to building a purposeful project in one of Las Vegas’ largest and strongest industrial submarkets,” Stuart said.

Michael Tabeek of Nemark Knight Frank represented Qualcomm and Dan Doherty of Colliers International represented Matter Real Estate Group in the transaction.