Stockbridge Capital Pays $87M for Las Vegas Industrial Campus

June 29, 2023

Investment Industrial Las Vegas NewsMoreWest

The fully leased asset is the second phase of a 1.5 million-square-foot logistics park.

CapRock Tropical Logistics Phase II. Image courtesy of Ares Management Corp.

A joint venture between Ares Management Corp. and CapRock Partners has sold CapRock Tropical Logistics Phase II, a Class A industrial complex totaling 442,780 square feet in North Las Vegas, Nev. The buyer of the recently completed asset was Stockbridge Capital Group, which paid $87 million for the three-building campus, according to CommercialEdge data. Cushman & Wakefield, together with JLL, negotiated on behalf of the seller.

The fully leased asset represents the second phase of a 1.5 million-square-foot logistics campus. Phase I, a two-building, 1.1 million-square-foot Class A property situated on 85 acres, sold in 2022.

Located at 6325, 6215 and 6185 N. Beesley Drive, CapRock Tropical Logistics Phase II comprises three single-tenant facilities ranging from 91,591 to 249,085 square feet. Features include 32-foot clear heights, concrete truck courts, a total of 62 dock-high doors and six grade-level doors, ESFR sprinkler systems and an office component totaling 10,969 square feet of space.

Providing direct access to Interstate 15, the 22-acre property is 11 miles from downtown Las Vegas, 13 miles from North Las Vegas Airport and within 27 miles from Henderson, Nev. Industrial users in the area include Amazon, Sephora and Niagara Bottling, among others.

Recent industrial developments in Las Vegas

There are multiple industrial projects currently underway in the Las Vegas market. The metro’s development pipeline amounted to nearly 10.5 million square feet as of June, CommercialEdge data shows.

In April, Lincoln Property Co. commenced construction on a 1.6 million-square-foot campus in North Las Vegas, with completion estimated in the third quarter of 2024. The project marks the company’s first ground-up industrial endeavor in Nevada.

In January, DIV Industrial acquired a 94-acre lot in the El Dorado Valley for the development of a 1.7 million-square-foot industrial campus in Henderson, Nev. Groundbreaking is expected this summer.