Developer completes 2 industrial complexes in Las Vegas Valley
A Southern California developer completed two new industrial projects in the Las Vegas Valley, with both sites nearly fully leased.
CapRock Partners announced last week that it completed the second phase of its two-phase development Tropical Logistics in North Las Vegas, near the the Las Vegas Motor Speedway. The 21.9-acre site consists of three buildings totaling 442,780 square feet. Its second warehouse development, Spanish Ridge Industrial Park, in the southwest valley sits on a 12.95-acre site with three buildings totaling more than 230,000 square feet.
The projects add more space to Southern Nevada’s in-demand industrial market, as more companies look to the area for establishing distribution and warehouse facilities.
“Demand in Las Vegas has been extremely strong, despite some shakiness in the economy,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners.
Arnett said both projects are in prime locations for an industrial warehouse because of its proximity to Interstate 15 and the 215 Beltway.
The company broke ground on the first phase of its sprawling Tropical Logistics complex in November 2020 then sold the two-building property spanning 1.1 million square feet for $271.5 million in May 2022.
Arnett said construction started on the second phase of the project in early 2022, and the single-tenant buildings were completed in the fourth quarter. The property was fully pre-leased before construction finished. Arnett did not say who the new tenants are but that they’re focused on distribution and shipping.
The Spanish Ridge Industrial Park was completed in the first quarter of 2023, and has a mix of single-tenant and multi-tenant buildings. The project has been partially leased.
CapRock first entered the Las Vegas market in 2017, Arnett said, and it’s in active discussions to bring projects to Reno in the near future.
The Newport Beach, California-based company has developed projects in Phoenix and Dallas-Fort Worth as well as “transacted” in Salt Lake City, according to Arnett.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com or on Twitter @seanhemmers34.
