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12/15/20
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A joint venture of CapRock Partners and funds managed by Ares Management Corporation has secured $134.6 mil in first mortgage debt for the construction and lease up of CapRock Tropical Logistics Park, a two-building, 1.13 msf industrial park in Las Vegas. The financing was arranged by Eastdil Secured and provided by Mesa West Capital.
Caprock Tropical Logistics Park comprises two tilt-up concrete buildings of 271.3k sf and 857k sf on an 85-acre lot at 5802 and 5902 East Tropical Pkwy in the Speedway submarket of North Las Vegas. The smaller building with 32’ clear heights and 64 dock-high doors is a speculative development that will be marketed for a single user, although it can be demised for multi-tenant use. The larger building is a build-to-suit for an e-commerce retailer that has entered into a long-term lease with the oners.
The project sits at the confluence of Interstates 15 and 215, which provide direct access to major western region hubs and the West Coast including Northern and Southern California, Phoenix, and Salt Lake City. Among the corporate neighbors to CapRock Tropical Logistics Park include Amazon, UPS, Bed Bath & Beyond, Sephora and the Honest Company.
Mesa West’s five-year, floating rate financing allows the sponsor to move forward on a high-demand industrial product on “one of the last developable sites in the market,” according to Mesa West Vice President Danielle Duenas, who along with Principal Steve Fried, originated the financing.
“This transaction presented us an opportunity to lend on a 76% pre-leased, Class A project in a strong market with a sponsor that has a successful track record executing its business plan on industrial product in Las Vegas,” said Duenas. “North Las Vegas is the largest submarket, representing approximately 40% of the total industrial inventory in the Las Vegas Metro. With significant institutional ownership and credit tenant presence, North Las Vegas exhibits extremely strong market fundamentals with a low vacancy rate of 3%, positive leasing velocity, and significant barriers-to-entry as much of the surrounding land is owned by the state and federal government.”
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