CapRock Delivers Las Vegas Industrial Parks

JLL is providing leasing and brokerage services for both properties.

Tropical Logistics Phase II. Image courtesy of CapRock partners

Tropical Logistics Phase II. Image courtesy of CapRock Partners

CapRock Partners has completed the construction of two Class A warehouse and distribution facilities in Las Vegas. Tropical Logistics Phase II and Spanish Ridge Industrial Park are located at 6185-6325 N. Beesley Drive and 5425-5365 S. Riley St., respectively.

At present, Tropical Logistics Phase II is fully leased, with tenants moving to occupy the park’s buildings in the first quarter of this year. Spanish Ridge Park is partially leased, with tenants moving in during the second quarter. JLL is providing leasing and brokerage services for both properties and is actively marketing the remainder of the space at Spanish Ridge Park.

Taylor Arnett, first vice president of acquisitions at CapRock, detailed the strength of the projects’ locations to Commercial Property Executive, particularly their placement within their respective submarkets. “Both projects are meeting their respective submarket demands with Tropical catering to tenants requiring 100,000-250,000 square feet of warehouse space in North Las Vegas and Spanish Ridge generally catering to tenants requiring 20,000-100,000 square feet in the Southwest Submarket,” Arnett said.

In-depth property profiles

Tropical Logistics Phase II was built in 2022 over 21.9 acres and spans three single-tenant industrial facilities totaling 442,780 square feet. The complex is the second phase of CapRock’s Tropical Logistics industrial park. The first phase, completed in the second quarter of 2022, totals two buildings that host 1.1 million square feet, built over 85 acres, according to CommercialEdge information.

READ ALSO: 2023 Net Lease Industrial Sales and Cap Rates

The three buildings in Tropical Logistics Phase II each feature 32-foot clear heights, 185- to 202-foot concrete truck courts, ESFR sprinkler systems and mechanical loading doors with dock levelers and bumpers. Located within a 1.6-mile gap between Interstate 15 and State Route 604, the facility has quick trucking access to much of Las Vegas and is within a day’s drive of the Western U.S.’ largest industrial markets. The three facilities include:

  • A 91,591-square-foot warehousing and distribution facility located at 6185 N. Beesley Drive
  • 6215 N. Beesley Drive, a 102,104-square-foot distribution facility that is built over 4.5 acres, according to CommercialEdge information
  • 6325 N. Beesley Drive, a 249,052-square-foot property that directly faces Interstate 15
Spanish Ridge Industrial Park. Image courtesy of CapRock partners.

Spanish Ridge Industrial Park. Image courtesy of CapRock Partners

Spanish Ridge Industrial Park was built over 12.95 acres and comprises three single- and multi-tenant buildings totaling 21,988 square feet, 75,836 square feet and 133,075 square feet. The assets feature 24- to 30-foot clear heights, alongside 50 total dock-high loading doors and 11 grade-level doors. Additionally, the park includes five speculative office spaces totaling 2,000 square feet. Located in the western portion of the city’s Spring Valley neighborhood, the complex is within 2 miles of State Route 215. Access to Interstate 15, which passes directly through Las Vegas, is within 5.5 miles from the property.

JLL Senior Vice Presidents Rob Lujan and Xavier Wasiak, together with Vice President Jason Simon, represented CapRock in the leasing of both complexes, and currently serve as their agents.

Western industrial endeavors

The delivery of Tropical Logistics Park Phase II and Spanish Ridge Industrial Park takes place as the developer and owner increases its industrial presence in the Western U.S. With a significant portfolio, CapRock is one of the most active developers and investors of its kind in the region.

Earlier this month, the firm purchased a 130,800-square-foot industrial building in Phoenix for $11.9 million. In April of 2022, CapRock broke ground on Palomino Ranch, a 2 million-square-foot speculative warehouse project in the Inland Empire that will span 24 buildings across 112 acres.

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