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CapRock Partners Picks Up 13 Acres in Southwest Las Vegas

1/27/21

CapRock Partners has acquired a 12.95-acre industrial parcel in the Southwest Las Vegas submarket. The company plans to develop a three-building, 230k sf industrial park on the land, which was purchased from a local investment group. The price was not disclosed.

Situated at the junction of South Riley St and W. Hacienda Ave, the property sits amidst residential neighborhoods and dispersed office buildings. Initially zoned for office development, CapRock Partners had the site re-zoned for industrial use.

The new project will consist of freestanding Class A spec buildings with high-end finishes and an exterior façade that will seamlessly integrate with its surroundings. The property provides direct access to the 215 beltway and is minutes from luxury Southwest neighborhoods such as Summerlin, which was named National Association of Homebuilders’ 2020 Master-Planned Community of the Year. It is ideally located to accommodate light industrial users who cater to the high-end residential neighborhoods nearby.

The multi-building industrial park will comprise:

• A 132.5k sf building with 28-foot clear heights, five grade-level doors and 26 dock-high doors
• A 75.8k sf building with 24-foot clear heights, five grade-level doors and 22 dock-high doors
• A 22k sf “jewel box” building with 24-foot clear heights, one grade-level door and two dock-high doors.

In addition, the property will feature a 180-foot shared truck court, over 200 parking spaces, ESFR sprinklers, and each building can be demised down into approximately 10k sf units. The project is slated to break ground in early summer 2021 with completion anticipated by early spring 2022.

“After a short pause in spring 2020 following the initial Covid-19 outbreak, we are seeing robust tenant demand in the Las Vegas basin for industrial real estate across every size category,” commented Jon Pharris, president of CapRock Partners.

This acquisition comes on the heels of CapRock Partners’ purchase of an approximately five-acre permit-ready land site in the North Las Vegas submarket which will be home to CapRock Point @ Cheyenne, a freestanding, 101.3k sf, Class A industrial building. The firm also currently is under construction on multiple industrial parks totaling 1.8 msf in the North Las Vegas speedway submarket.

Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the seller of the property. Rob Lujan, Xavier Wasiak, and Jason Simon at JLL represented CapRock Partners and are overseeing leasing of the property. Architect Lee & Sakahara, general contractor Fulcrum Construction, and civil engineer Kimley Horn are the firm’s project partners.





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