Industrial developer, investor continues strategic expansion throughout the Western U.S. with first ground-up development in Nevada
Newport Beach, Calif. and Las Vegas â€“ Nov. 5, 2019 â€“ CapRock Partners, one of the fastest growing private industrial investment and development firms focused solely on the Western U.S., announced today that it has broken ground on Interchange Industrial Center, a 683,000-square-foot Class A industrial complex in North Las Vegas. The industrial development, which was purchased from a private investor in July 2019 is situated on a 33-acre parcel located at the intersection of the I-15 and I-215. Interchange Industrial Center is CapRockâ€™s first ground-up development outside of California and underscores the firmâ€™s strategic growth initiative into key Western markets beyond California, including Nevada and Arizona.Â
â€œLas Vegas is growing to become a significant regional industrial and logistics hub in the U.S. supported by the areaâ€™s skyrocketing population growth and lower cost of living for warehouse laborers, in addition to the well-established transport infrastructure connecting to the ports of Long Beach and Los Angeles in California,â€ said Taylor Arnett, vice president of acquisitions at CapRock Partners. â€œWeâ€™ve specifically zeroed in on the North Las Vegas submarket due to the areaâ€™s strong leasing velocity from credit tenants over the last three years, the amount of institutional investors established in the area, and the lack of available sizeable parcels compatible with big box development in an area that is relatively land-constrained.â€
Designed with the highest industrial standards, Interchange Industrial Center will consist of two class-A industrial buildings, including an approximately 509,000-square-foot, cross-dock warehouse designed for a Fortune 1000-caliber tenant and an approximately 173,000-square-foot warehouse that can accommodate a single tenant or be demised for up to four tenants. Other state-of-the-art features include 32- to 36-foot clear building heights, ESFR sprinklers, 115 trailer parking stalls and 100% concrete 185-foot secured truck courts. Construction is expected to be completed by late summer 2020 and CapRock is currently exploring a variety of lease and sale options with potential tenants.
Interchange Industrial Center benefits from prime visibility from the I-15 freeway and is less than a quarter mile from the Tropical Parkway on/off-ramp. The property is minutes from the Las Vegas Strip and McCarran International Airport and within a single dayâ€™s truck turnaround to the Long Beach and Los Angeles Ports. It is surrounded by other logistics and distribution facilities occupied by high-quality tenants such as Amazon, Bed Bath & Beyond, Sephora, Fanatics, Honest Company, TJ Maxx, Paccar, and Dr. Pepper Snapple.
â€œCapRock Partners is bullish on the Las Vegas Valley region and sees it as a critical component to our overall growth strategy,â€ says Jon Pharris, CapRockâ€™s co-founder and president. â€œOur team is excited to expand its reach and flex its development capabilities beyond Southern California. This groundbreaking not only marks the beginning of CapRockâ€™s investment in the Las Vegas market, but also an opportunity for the company to bring a new modern, institutional-grade large-scale industrial facility to the region.â€Â
As part of its value-add strategy, CapRock recently purchased Walnut Business Park, a 94,000-square-foot Class A multi-tenant business park also in the North Las Vegas submarket. Previously, the firm acquired a portfolio of three business parks totaling 275,000 square feet in the premier Southwest Las Vegas submarket. After purchasing the portfolio in 2017, CapRock repositioned the business parks through an all-encompassing improvement plan to enhance the buildingsâ€™ aesthetic and functionality, stabilized the buildings through lease up, and recently put them back on the market for sale.Â
Since its initial acquisition in 2010, CapRock has acquired, developed, or has in its pipeline approximately 17.5 million total square feet valued at $1.9 billion.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, Calif.-based CapRock Partners has become one of the fastest-growing 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. CapRock Partners is registered with the U.S. Securities and Exchange Commission, a designation that enables the firm to grow its assets under management with ultra-high-net-worth and institutional investors. The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Phoenix. To date, CapRock Partners has acquired, developed or has in its pipeline approximately 17.5 million square feet of industrial real estate approaching nearly $2 billion in value. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.Â