CapRock, Ares Sell Las Vegas Industrial Campus
A joint venture between CapRock Partners and Ares Management Corp. funds has sold Spanish Ridge Industrial Park, a 230,889-square-foot industrial campus in Las Vegas. EastGroup Properties acquired the asset for $54.8 million, public records show. Newmark and JLL represented the seller.
Last year, the partnership sold CapRock Tropical Logistics Phase II, a Class A industrial complex totaling 442,780 square feet in North Las Vegas, Nev. Stockbridge Capital Group paid $87 million for the three-building asset.
Spanish Ridge Industrial Park, up close
The developer completed the three-building property last year, financing its construction with two loans originated by Farmers and Merchants Bank totaling $20.8 million, according to CommercialEdge data.
Measuring 21,988 square feet, 75,836 square feet and 133,075 square feet, the buildings feature a combined 50 dock-high loading doors, 11 drive-in doors and five office spaces. Additionally, the warehouses have 24- to 30-foot clear heights, ESFR sprinklers and 128- to 180-foot truck courts. The facilities were fully leased at the time of sale to five tenants.
The warehouses are adjacent to each other at 8875 W. Hacienda Ave. and 5425 and 5365 S. Riley St., some 12 miles from Harry Reid International Airport and 21 miles from downtown Las Vegas.
Newmark Executive Managing Directors Andrew Briner and Bret Hardy represented the seller, along with JLL Managing Directors Rob Lujan and Jason Simon.
CapRock’s recent industrial expansion
CapRock Partners has more than 35 million square feet of acquired and developed industrial facilities. In August, the firm started work on a 1.3 million-square-foot development within CapRock Central Point in Visalia, Calif. At full buildout, the four-building development will comprise 2.7 million square feet.
A few months earlier, the company completed the construction of two properties in Norco, Calif., amounting to approximately 1.1 million square feet. Palomino Ranch Business Park’s first phase comprises eight buildings, while Saddle Ranch South encompasses three warehouses.
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