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10/07/20
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CapRock Partners has acquired a five-acre land site in North Las Vegas submarket for industrial development. The land was purchased from a commercial real estate investment firm for an undisclosed amount.
CapRock plans to use the land to provide build-to-suit solutions for distribution or manufacturing tenants in need of industrial space ranging from 45k sf to 100k sf+. Located at 3919 E. Cheyenne Ave, the site enjoys frontage visibility on Cheyenne Ave and benefits from a prime location, minutes from the I-15 and the Las Vegas Strip, and within 12 miles of McCarran International Airport.
The location is surrounded by high-quality industrial tenants including Amazon, UPS, Walmart and CDW, and is adjacent to Walnut Business Park, a 94k sf, Class A, multi-tenant business park CapRock Partners acquired in Q4 of 2019 as part of its value-add strategy.
“The recent surge in the adoption of e-commerce has driven industrial demand from e-commerce, third-party logistics and other companies that are experiencing a need to bolster their inventory and supply chain,” said Taylor Arnett, first vice president, acquisitions at CapRock Partners. “The site is ideally located to serve the needs of both manufacturers and distributers, whether they require convenient access to the Las Vegas Strip or need to leverage Las Vegas’ strategic location to reach 61 million people within a one-day truck service.”
Over the past year CapRock Partners has been entitling the site, which is permit-ready for the construction of a freestanding 101.3k sf, Class A industrial building named CapRock Point @ Cheyenne, and will be delivered within nine months of start of construction. Tenants will have the opportunity to customize building plans for build-to-suit. Current building plans include:
• Opportunity to divide building into two units - a 45.5k sf unit and a 55.8k sf unit
• 13 9-foot by 10-foot dock-high doors
• Two 14-foot by 16-foot grade-level doors
• 30-foot clear height
• More than 100 parking spaces
• 132-foot truck court, including 60-foot truck apron and 53-foot truck circulation area
• 2,000 amps, 277/480v, 3-phase power
• ESFR sprinkler system
• R-19 roof insulation
• Build-to-suit office space
“The Las Vegas economy has been hit hard by the coronavirus pandemic, but its industrial market has shown resiliency throughout 2020, with many out-of-state companies attracted to the city’s central location in the Western U.S. and its business-friendly environment,” said Jon Pharris, president of CapRock Partners. “In the past few years, Las Vegas has emerged as a key logistics hub in the Southwest and we remain focused on this market, which boasts one of the nation’s most favorable tax climates for businesses.”
The acquisition of the land site is part of CapRock Partners’ Industrial Value-Add Fund III, which focuses solely on the acquisition of middle market, value-add industrial properties, generally valued between $20 mil to $50 mil across the Western U.S. The fund is on track to reach a final closing at its hard cap of $250 mil of equity by the end of this year.
Mike Kendall, Gian Bruno, Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty of Colliers International represented CapRock Partners in the acquisition of the land and Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty are overseeing leasing for CapRock Point @ Cheyenne.
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