CapRock Partners Delivers Two New Class A Industrial Warehouses in Las Vegas
CapRock Partners, a leading industrial real estate investor, developer and asset manager in the Western United States, today announced the completion of two new Class A industrial warehouse complexes in Las Vegas, totaling nearly 700,000 square feet. Tropical Logistics Phase II consists of three buildings with one tenant totaling 442,780 square feet in the North Las Vegas Submarket, 100% pre-leased to high quality tenants. The Spanish Ridge Industrial Park consists of three single and multi-tenant buildings totaling 230,899 square feet in the Southwest Las Vegas Submarket, partially leased to investment loan tenants. Both assets are state-of-the-art investment-grade institutional facilities with a convenient location.
These completed industrial developments complement CapRock’s robust portfolio of projects, which includes approximately 16 million square feet of Class A logistics facilities in the Western and Central US that the company has recently completed, is currently developing or is about to launch.
“CapRock Partners is pleased to have completed and near-lease the Spanish Ridge Industrial Park and Tropical Logistics Phase II, two institutional investment grade industrial facilities in one of the fastest growing US metropolitan areas,” said Taylor Arnett, Senior Vice President, Acquisitions at CapRock Partners. “The Las Vegas industrial market continues to experience a huge demand for new construction of modern and efficient industrial space. As a thoughtful industrial developer, CapRock is committed to bringing more value-added Class A products to market to meet continued tenant demand.”
Tropical Logistics Phase II is a 21.9-acre development that was fully leased out prior to completion. All three unnamed tenants occupied their own freestanding buildings in the first quarter.
Tropical Logistics Phase II is located in the prime location of North Las Vegas at 6325-6185 N. Beesley Drive. Adjacent to I-15 N. The site offers excellent visibility and is easily accessible from the I-15/NV-215 interchange via the E. Tropical Parkway.
Tropical Logistics Phase II buildings range from 249,085 to 91,591 sq. ft. Each building has a clear height of 32 feet, ESFR sprinklers, 185 to 202 foot truck yards in 100% concrete, and ample power. They also provide a total of 10,969 square feet of well-equipped office space, 62 doors to the pier, and six class-level doors.
The property is adjacent to Phase I of Tropical Logistics, a major industrial logistics facility consisting of two 1.1 million square foot Class A warehouse buildings that CapRock built and sold in the second quarter of 2022. The two buildings were 100% leased to three investment grade loan tenants. , including a Fortune 100 e-commerce company at the time of its sale.
The Spanish Ridge Industrial Park is a state of the art industrial complex outfitted with move-in-ready improvements as CapRock welcomes its new tenants effective in the second quarter. CapRock is currently negotiating with several potential tenants for the remaining space.
Strategically located at 5425 and 5365 S. Riley Street and 8875 W. Hacienda Avenue, Spanish Ridge Industrial Park is less than 1,000 feet from NV-215 and less than seven miles from I-15, providing easy access to major local and regional transport routes.
On the 12.95 acre site, the three buildings of the Spanish Range Industrial Park cover 133,075 square feet, 75,836 square feet, and 21,988 square feet. They are 24 to 30 feet high, ESFR sprinklers, 180 feet of 100% concrete truck common areas, ample power and 50 dock high doors and 11 level doors. CapRock completed the project with five approximately 2,000 square feet of speculative offices and warehouse evaporative coolers in each building.
“Recently completed, well-located projects such as the Tropical Logistics Center Phase II and the Spanish Ridge Industrial Park are benefiting from limited supply of new industrial developments in Las Vegas and continued high demand from tenants,” said John Farris, co-founder and president. CapRock partners. “Las Vegas is an important logistics hub east of the Southern California port markets, aided by the city’s strategic position in the Western US supply chain and the ability to serve approximately 20% of the US population within a day’s drive. CapRock remains optimistic about this market and is committed to building new strategic best-in-class industrial warehouses that support the development of logistics in the western US.”
Southern Nevada offers significant barriers to entry into the new “big box” industrial real estate market due to the limited availability of industrial land larger than five acres. In addition to the mountain ranges on the west, east and north sides of the Las Vegas Valley, more than 80% of the state’s land is under the control of the Bureau of Land Management, making it difficult for new developers to find suitable sites. construction.
The industrial market of Las Vegas for the second year in a row shows growth in demand that exceeds supply. With over 8 million square feet of rental activity and a 30 percent increase in average asking rent in 2022, MSA is one of the strongest and fastest growing markets in the country, according to JLL. As of Q4 2022, the total vacancy rate in Las Vegas was 2.6%, while the North Las Vegas submarket vacancy rate was 2.3%.
Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the Spanish Ridge Industrial Park and Tropical Logistics Phase II leases.
CapRock is actively acquiring mid-market value-added industrial assets, typically $20 million to $100 million per acquisition, as well as development land in the western and central US.