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6/28/23
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Stockbridge Capital Group purchased the recently completed Tropical Logistics Phase II. The facility was developed by a joint venture between CapRock and real estate funds managed by Ares Management.
Located within the North Las Vegas submarket, the 21.9-acre Class A industrial warehouse complex includes three state-of-the-art single-tenant buildings totaling 442.8k sf. The asset was 100% leased and occupied by three high-quality tenants at the time of sale.
Located at 6325-6185 N. Beesley Dr, Tropical Logistics Phase II is adjacent to the I-15 Fwy, offering prime visibility and easy access to the I-15 / NV-215 freeway interchange via E. Tropical Pkwy. The asset’s buildings range in size from 91.6k sf to 249k sf and feature 32-foot clear heights, ESFR sprinklers, and 185-foot to 202-foot 100% concrete truck courts. They also provide a combined 11k sf of well-appointed office space, 62 dock-high doors, six grade-level doors, and ample power. Each building was pre-leased prior to construction completion.
Tropical Logistics Phase II is the third development that has been completed as part of the Ares and CapRock joint venture. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1 msf Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased 230.9k sf industrial complex in the Southwest Las Vegas submarket.
The Ares and CapRock joint venture was represented by Cushman & Wakefield with local representation by JLL. The price was not disclosed.
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