Arville Business Park

4530 Arville Street, Las Vegas, NV

Property Highlights

  • Neighboring institutional owners: Prologis (NYSE: PLD), BKM, Black Creek, Harsch, EJM, Panattoni, and Stockbridge
  • Below market rents at acquisition due to prior mismanagement and undercapitalized/passive previous ownership
  • CapRock acquired Arville BP at a significant discount to replacement cost
  • Diversified options of suite sizes: The portfolio consists of suites ranging from 1,000 to 10,000 SF

Property Information

  • Off-market acquisition
  • Existing 160,554 SF industrial park with 40 units
  • Adjacent to the Palms Hotel
  • Located in the premier Southwest submarket, within 5 minutes from the Las Vegas Strip with frontage on Arville Street
  • Variety of unit sizes, most with private outdoor storage yards
  • 1.53 miles from new $1.9B Raiders stadium scheduled to open for 2020 NFL season

Business Plan

  • Acquired at 65% physical occupancy and 30% economic occupancy
  • Immediately implemented a $3M+ renovation, including new roofs, asphalt, painting, speculative build-outs, signage, demolition of non-functional space
  • New and proactive property management and leasing strategy
  • Executed lease upon existing business park with aggressive “move-in ready” strategy
  • Stabilized ahead of pro forma as of Spring 2019

The Results

  • Projected disposition in Q4 2019