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TEXAS/SOUTHWEST NEWS
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Nicola Wealth Real Estate Acquires 277k sf of Vegas Industrial Assets

3/13/20

Nicola Wealth Real Estate acquired a three-property, 276.9k sf industrial portfolio in the Las Vegas area from CapRock Partners. The price was not given out.

Valley View Commerce Center
Valley View Commerce Center
The transaction marks Nicola Wealth’s first venture into the Las Vegas marketplace and underscores CapRock’s strategic execution of a significant renovation plan for the well-located industrial assets via its value-add strategy.

Acquired in off-market transactions by CapRock Partners in 2017, the sale of the portfolio includes the following properties:

• The Park @ Arville: Originally constructed in 1974, the 160.6k sf, multi-tenant business park is comprised of several suites ranging from 1k sf to 10k sf with private outdoor storage yards and 15 to 20-foot clear heights. CapRock acquired The Park @ Arville in 2017 and implemented an extensive renovation plan, which included creating new functional office and warehouse spaces, the introduction of a modernized paint scheme creating private fenced yards, new monument signage, awnings and suite signage and a dramatic enhancement of the property’s curb appeal. The Park @ Arville is located at 4350 Arville Street, proximate to the Las Vegas Strip and I-15, with frontage on Arville Street.

• Valley View Commerce Center: Constructed in 1989, the 73.5k sf, multi-tenant business park features several suites ranging from 1.8k sf to 6.5k sf, with 15- to 17-foot clear heights. CapRock acquired Valley View Commerce Center in 2017 and repositioned the property through an all-encompassing improvement plan to enhance the buildings’ aesthetic, functionality and stabilize the buildings through lease up. The complex is located at 5130, 5160, 5190 and 5230 South Valley View Blvd, with close proximity to the Las Vegas Strip and I-15.

• Valley View Business Park: Built in 1986, the 42.9k sf, single-story industrial building features several suites ranging from 2k sf to 7k sf. CapRock acquired the property in 2017 and then replaced the roofs, upgraded the mechanical systems and leased the property to stabilization. Located at 3021 South Valley View Blvd, Valley View Business Park is minutes from the I-15, provides convenient access to US-95 and McCarran International Airport and offers frontage on Valley View Blvd.

Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg, and Bryce Aberg from Cushman & Wakefield and Rob Lujan, Jason Simon, Xavier Wasiak from JLL represented CapRock Partners in the sale of the Las Vegas portfolio.

An active investor and developer in Nevada, CapRock Partners has either acquired, or is in escrow, on approximately 3.6 msf of industrial product in Las Vegas alone. Recently, the firm announced the groundbreaking of Interchange Industrial Center, a 683k sf, Class A industrial complex in North Las Vegas, representing CapRock’s first ground-up development outside of California. The firm also is bullish on executing its value-add strategy, with the recent purchase of Walnut Business Park. The Class A multi-tenant business park located in the North Las Vegas submarket features 94.8k sf of industrial space spread across two buildings. CapRock Partners purchased the property with significant near-term rollover with the intent of renovating the industrial suites to capitalize on the lack of available units in the sub-10k sf range in the local submarket.








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