Las Vegas â€“ January 21, 2021 â€“ CapRock Partners, a leading industrial real estate investment, development and third-party asset management firm, today announced the acquisition of a 12.95-acre industrial parcel in the Southwest Las Vegas submarket. After successfully petitioning the rezoning of the site, CapRock Partners acquired the land from a local investment group for an undisclosed amount to develop a three-building industrial park totaling 230,000 square feet.
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 leveraged its development expertise to re-zone the site for industrial use. The firm worked closely with Clark County and the siteâ€™s neighbors to design three freestanding Class A spec buildings with high-end finishes and an exterior faÃ§ade 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 the Summerlin, which was named National Association of Homebuildersâ€™ 2020 Master-Planned Community of the Year.Â It is ideally located to accommodate light industrial users who cater to the high-end residential neighborhoods nearby.
â€œCapRock has had its eyes set on this site since we first entered the Las Vegas market in 2017 as we immediately saw the potential of this location for smaller industrial users in the 10,000 to 50,000 square feet size range,â€ said Taylor Arnett, first vice president, acquisitions at CapRock Partners. â€œThis project is truly a labor of love and took years of collaboration to design a product that satisfies all parties involved. We are particularly grateful for our partnership with the seller of the property who graciously worked with us during a difficult period that included a lengthy re-entitlement followed immediately by the Covid-19 pandemic. The result created value for a site that many developers have unsuccessfully attempted to re-entitle for multifamily and residential development over the years.â€
The multi-building industrial park will comprise:
- A 132,450-square-foot building with 28-foot clear heights, five grade-level doors and 26 dock-high doors
- A 75,836-square-foot building with 24-foot clear heights, five grade-level doors and 22 dock-high doors
- A 21,976-square-foot â€œjewel boxâ€ 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 10,000 square-foot units. The project is slated to break ground in early summer 2021 with completion anticipated by early spring 2022.
Jon Pharris, president of CapRock Partners added, â€œAfter 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. We are proud to deliver a new Class A industrial park that will help meet the pent-up demand from light-use industrial tenants in this market.â€
This acquisition comes on the heels of CapRock Partnersâ€™ purchase of an approximately 5-acre permit-ready land site in the North Las Vegas submarket which will be home to CapRock Point @ Cheyenne, a freestanding, 101,332-square-foot Class A industrial building. CapRock Partners also currently is under construction on multiple industrial parks totaling 1.8 million square feet in the North Las Vegas speedway submarket, including the 1.1 million square foot CapRock Tropical Logistics and the 683,000 square foot CapRock Interchange Industrial complexes.
CapRock Partners is actively executing its value-add strategy focused on the acquisition of middle market, value-add industrial properties, generally valued between $20 million to $50 million across the Western U.S. Since entering the Las Vegas market in 2017, CapRock Partners has acquired, sold and entitled nearly 3 million square feet of industrial product.
Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the seller of the property and 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 firmâ€™s project partners.
ABOUT CAPROCK PARTNERS
Founded in 2009, Newport Beach, California-based CapRock Partners is one of the leading private industrial real estate investment and development firms in the Western U.S. The company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. CapRock Partners is registered with the U.S. Securities and Exchange Commission. The firm is actively acquiring land for development across the Western U.S. Since inception, its total investment and development pipeline exceeds 25 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, Twitter and Instagram.