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
