Las Vegas â€“ Oct. 5, 2020 â€“ CapRock Partners, a Newport Beach, Calif.-based industrial real estate investment and development firm, today announced the acquisition of an approximately 5-acre land site in the North Las Vegas submarket. Acquired from a commercial real estate investment firm for an undisclosed amount, this site will enable CapRock to provide build-to-suit solutions for distribution or manufacturing tenants in need of industrial space ranging from 45,000 to 100,000-plus square feet.
â€œThe recent surge in the adoption of e-commerce has driven industrial demand from e-commerce, third-party logistics and other companies that are experiencing a need to bolster their inventory and supply chain,â€ said Taylor Arnett, first vice president, acquisitions at CapRock Partners. â€œThe site is ideally located to serve the needs of both manufacturers and distributers, whether they require convenient access to the Las Vegas Strip or need to leverage Las Vegasâ€™ strategic location to reach 61 million people within a one-day truck service.â€
Over the past year CapRock Partners has been entitling the site, which is permit-ready for the construction of a freestanding 101,332-square-foot, Class A industrial building named CapRock Point @ Cheyenne and will be delivered within nine months of start of construction. Tenants will have the opportunity to customize building plans for build-to-suit. Current building plans include:
- Opportunity to divide building into two units – a 45,507-square-foot unit and a 55,825-square-foot unit
- 13 9-foot by 10-foot dock high doors
- Two 14-foot by 16-foot grade level doors
- 30-foot clear height
- More than 100 parking spaces
- 132-foot truck court, including 60-foot truck apron and 53-foot truck circulation area
- 2,000 amps, 277/480v, 3-phase power
- ESFR sprinkler system
- R-19 roof insulation
- Build-to-suit office space
Located at 3919 E. Cheyenne Avenue, the site enjoys frontage visibility on Cheyenne Avenue and benefits from a prime location, minutes from the I-15 and the Las Vegas Strip, and within 12 miles of McCarran International Airport. It also is surrounded by high-quality industrial tenants including Amazon, UPS, Walmart and CDW and is adjacent to Walnut Business Park, a 94,000-square-foot, Class A, multi-tenant business park CapRock Partners acquired in Q4 of 2019 as part of its value-add strategy.
â€œThe Las Vegas economy has been hit hard by the coronavirus pandemic, but its industrial market has shown resiliency throughout 2020, with many out-of-state companies attracted to the cityâ€™s central location in the Western U.S. and its business-friendly environment,â€ said Jon Pharris, president of CapRock Partners. â€œIn the past few years, Las Vegas has emerged as a key logistics hub in the Southwest and we remain focused on this market, which boasts one of the nationâ€™s most favorable tax climates for businesses.â€
The acquisition of the land site is part of CapRock Partnersâ€™ Industrial Value-Add Fund III, which focuses solely on the acquisition of middle market, value-add industrial properties, generally valued between $20 million to $50 million across the Western U.S. The fund is on track to reach a final closing at its hard cap of $250 million of equity by the end of this year.
Mike Kendall, Gian Bruno, Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty of Colliers International represented CapRock Partners in the acquisition of the land and Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty are overseeing leasing for CapRock Point @ Cheyenne.
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 focuses on middle-market, value-add industrial assets and developing large-scale institutional-quality, Class A industrial warehouse facilities in key locations, serving the needs of corporate America, and 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 and value-add industrial buildings in the Western U.S. Since inception, its total investment and development pipeline exceeds 21 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, Twitter and Instagram.