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7/29/21
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CapRock Partners has closed on a 10-parcel land acquisition assemblage totaling 20.7 acres for the development of three state-of-the-art industrial buildings totaling 441.6k sf in North Las Vegas. CapRock acquired the land for the to-be-built Class A project in unimproved condition from nine individual sellers. Development is underway and groundbreaking is planned for Q1 2022. Project completion is anticipated in Q4 2022.
The new project, named CapRock Tropical Logistics Phase II, is the second phase of the adjacent CapRock Tropical Logistics, a two-building 1.1 msf logistics complex currently finishing construction. Collectively, the two phases total 105 acres, or 34 legal parcels, acquired via assemblage from 22 unrelated sellers. Phase I is currently 100% pre-leased and scheduled for completion in Q3 2021.
At completion, CapRock Tropical Logistics Phase II will include three individual buildings all with 32-foot clear height, large truck courts and approximately 362 parking stalls.
• Building 1 will be approximately 248.4k sf and include over 300 linear feet of I-15 freeway frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls.
• Building 2 will be approximately 101.8k sf and include 15 dock-high doors and 180 feet of shared truck courts.
• Building 3 will be approximately 91.3k sf and include 15 dock-high doors and 180 feet of shared truck courts.
CapRock Tropical Logistics Phase II is located within the North Las Vegas Speedway submarket, along the south side of the I-15 Fwy, north of East Tropical Pkwy. The location provides prime freeway frontage and visibility and is accessible via both Madge Lane and Beesley Drive.
North Las Vegas Speedway has transformed in recent years with new industrial development. The submarket plays a critical role in U.S. ecommerce and distribution due to its location at the northeastern edge of Metro Las Vegas, along the I-15 Fwy. The logistical hub is within a one-day drive to more than 40 million consumers and five major U.S. ports serving the Pacific Rim. Nearly every state west of the Mississippi River is accessible for two-day delivery.
“CapRock Tropical Logistics will provide North Las Vegas Speedway with the modern and efficient warehouse space it greatly needs,” said Nicholas Ilagan, senior vice president of asset management at CapRock Partners. “The most sought after and active deal size for new industrial space in North Las Vegas is currently between 50k sf and 250k sf. Including this project, CapRock Partners will have developed nearly 2.4 msf of industrial space in this submarket in the last 12 months. CapRock continues to aggressively pursue investment opportunities for new industrial development and value-add industrial acquisitions to meet the ongoing demand.”
Rob Lujan of Jones Lang LaSalle represented CapRock in the CapRock Tropical Logistics Phase II assemblage transactions. His team of Jason Simon and Xavier Wasiak are actively leasing both projects.
Since 2017, CapRock has purchased, developed or entitled approximately 3 msf in the Las Vegas metropolitan statistical area (MSA). In January 2021, the firm completed the construction of a 686k sf, two-building Class A development that is currently 80% leased.
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