PHASE OF OF NORTH LAS VEGAS INDUSTRIAL COMPLEX SELLS
CapRock Partners, a real estate private equity firm, announces the sale of CapRock Tropical Logistics Phase I, a recently completed core industrial logistics facility consisting of two Class A warehouse buildings totaling 1.1 million square feet on an 83-acre site in North Las Vegas. The two buildings, which were developed by Caprock, were 100 percent leased to three investment-grade credit tenants, including a Fortune 100 ecommerce company. CapRock Tropical Logistics is a two-phase development that, at full completion, will be comprised of five buildings totaling 1.5 million square feet of Class A industrial real estate and be one of the larger industrial developments in the history of the Las Vegas Valley.
“CapRock Tropical Logistics is a well-designed, highly accessible and visible, state-of-the-art distribution and logistics facility that CapRock began developing in 2020 following an extensive land assemblage acquisition process involving 34 parcels and 24 sellers,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “The assemblage aggregated one of the largest and most sought-after industrial land sites remaining in the North Las Vegas submarket. The completion and successful disposition of CapRock Tropical Logistics’ first phase is a testament to CapRock’s vision, perseverance and commitment to delivering a best-in-class asset in an expanding Western U.S. industrial submarket.”
CapRock Tropical Logistics Phase I is located at 5802 and 5902 E. Tropical Parkway, strategically situated at the I-15/I-215 interchange, providing 2,200 linear feet of I-15 freeway frontage. The asset offers immediate freeway access via north and southbound on/off ramps at Tropical Parkway and Speedway Boulevard.
Phase I’s building 5802 is an 857,000-square-foot, single-tenant structure featuring 40-foot clear height, 171 dock-high doors, 8,000 amps of power, 300 trailer stalls and 679 auto parking stalls. Building 5902 is a 271,000-square-foot, two-tenant structure featuring 32-foot clear height, 54 dock-high doors, 3,000 amps of power, 159 trailer stalls and 162 auto parking stalls.
The sale of Phase I was facilitated by Cushman & Wakefield’s West Coast Industrial Capital Markets Team, which includes Jeff Chiate, Jeff Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and JLL’s Las Vegas Industrial Team, which includes Rob Lujan, Xavier Wasiak and Jason Simon. The high-profile offering garnered multiple bids from institutional investors resulting in record-breaking pricing. Purchase price and terms of the deal are not disclosed.
The North Las Vegas industrial real estate submarket has evolved into a significant Western logistics hub in recent years. According to Costar, the submarket includes a total of 44 million square feet of industrial logistics space, an increase of 56 percent since 2015, with positive net absorption every year since 2013.
SELF-STORAGE FACILITY SELLS FOR $10.7M
CBRE announced the sale of a 49,937-square-foot self-storage facility in Las Vegas to California-based Public Storage for $10.7 million. The seller, Ochoa Development, delivered the new state-of-the-art property to the buyer, Public Storage, at the completion of the project.
CBRE’s Self Storage Advisory Group represented the seller, Ochoa Development Corp., in the transaction.
Centennial Storage, located at 8565 W. Rome Blvd., will consist of 600 self-storage units ranging in size from 4-feet-by-4-feet to 21-feet-by-13-feet. The property offers numerous amenities including 24-hour video surveillance cameras, and easy access location in a brand-new facility. The surrounding area has a population of 246,465 within a 5-mile radius with an average household income of approximately $89,451.
“The Las Vegas-Henderson-Paradise metro contains the largest concentration of people in the state, which provides consistent demand for self-storage facilities,” said Walter Brauer, first vice president of CBRE’s Self Storage Advisory Group. “The influx of people into this area justifies the construction of new, high-quality self-storage properties such as Centennial Storage. Las Vegas continues to be a target destination for investors looking to buy self-storage facilities.”
GAS STATION PORTFOLIO SELLS FOR $58.9M
Coldwell Banker Commercial Premier represented the seller in the portfolio sale of six separate gas stations, each with an on-site convenience store and car wash, all located in Las Vegas and the Green Valley area of Henderson. The properties, totaling a combined 24,500 square feet, sold for $58.9 million.
Ron Opfer, CCIM, vice president of commercial sales for Coldwell Banker Commercial Premier, represented the seller, consisting of various LLCs d/b/a Pitstop, in the transaction.
“These properties have a detailed history of financial success in highly desirable locations within Green Valley. Coldwell Banker Commercial Premier also represented the seller on the original development of these properties and was well-positioned to complete the transaction,” Opfer said.
DOWNTOWN TOWER 300 SELLS
Barker Pacific Group, a commercial developer based in Los Angeles with numerous assets throughout the Western U.S., acquired Tower 300, the former Bank of America building in downtown Las Vegas, in May 2021. Since then, BPG has made some upgrades to the properties. Originally built in 1975, the 17-story tower reigned as the area’s iconic center of commerce, law and business for nearly a half-century. Today, the rebranded Tower 300 not only has a new name, but with the new ownership, it also has a fresh new look, and new tenants, all of which are part of the area’s exciting ongoing revitalization.
The newest tenant is Pacific Workplaces, a Bay Area coworking company making its first foray into Las Vegas. The company took occupancy in early April, boasting more than 16,000 square feet on the sixth floor.
COMPLETED SALES TRANSACTIONS
• A sale to Overton Moore Properties. The 125.4-acre land parcel is within the Eldorado Valley near US-95 and Interstate-11 in Boulder City. The transaction amount was $45,000,000. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR of Colliers International represented the buyer.
• A sale to Dreamwork Management Inc. The 13.9-acre multitenant retail center Crossroads at Sunset is located in one of Nevada’s highest retail density trade areas on the corner of Sunset Road and Stephanie Street in Henderson. The transaction amount was $28,750,000. CNR Retail: Chris Clifford, Steve Neiger, CCIM, and Brett Rather of Colliers International represented the seller, SS Capital.
• A forward sale to Bromigo Owner LP. The 154,435-square-foot industrial property consists of two freestanding buildings located within the West Henderson submarket at Bromigo Industrial Plaza — 1635 & 1645 Amigo St. The transaction amount was $25,325,000. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the seller, Brass Key LV Holdings II LLC.
• The sale of an industrial building to B& C Properties, comprised of 41,942 square feet is at 5030-5040 Sobb Ave. The total value of the transaction was $ 11,400,000. Cathy Jones, Paul Miachika and Karim Chatoor of Sun Commercial Real Estate Inc. represented the seller, Post Road LLC.
• A sale to Green River Investments Inc. The 19,125-square feet industrial property is within Craig Corporate Park at 4464 Calimesa St., North Las Vegas. The transaction amount was$3,729,375. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the seller, Chill Out Cold Storage LLC.
• Sean Zaher of CBRE Inc. represented the seller and the buyer, Greenfield Real Estate LLC, in the sale and purchase of a 16,462-square-foot industrial unit at 12600 Chapparal Road for $3,540,000.
• The sale of an industrial building to Cashman Equipment Co., comprised of 11,800 square feet is at 5244 E. Idaho St.in Elko. The total value of the transaction was $ 3,083,000. Cathy Jones, Paul Miachika and Karim Chatoor of Sun Commercial Real Estate Inc. represented the buyer.
• A sale to PS Mountain West LLC. The 4.6-acre land parcel is along E. Craig Road between Decatur Boulevard and Simmons Street in North Las Vegas. The transaction amount was$2,900,000. Steven D. Haynes of Colliers International represented the buyer.
• Garrett Toft, SIOR, of CBRE Inc. represented the buyer, Amnet Holdings LLC in the purchase of 28.74 acres of vacant industrial land located at US 93 & Grand Valley Parkway for $2,874,000.
• Garrett Toft, SIOR, of CBRE, Inc. represented the buyer, Amnet Holdings LLC in the purchase of 28.63 acres of vacant industrial land at US 93 & Grand Valley Parkway for $2,863,000.
• Sean Zaher of CBRE Inc. represented the buyer in the purchase of a 14,917-square-foot industrial unit at 12600 Chapparal Road to D & S Building, LLC for $2,724,660.
• A sale to WNDG LLC. The 1.11-acre fully improved land parcel is on the northwest corner of the signalized intersection of Sunset Road and Gibson Road, directly east of the US-95 and Sunset Road off-ramp in Henderson. The transaction amount was $1,225,000. Steven D. Haynes of Colliers International represented the seller, EOE 128 LLC.
• The sale of a retail building to Odyssey Wellness Inc, comprised of 3,508 square feet is located at 3067 E. Warm Springs Road, Suite No. 100. The total value of the transaction was $610,000.00. Cathy Jones, Paul Miachika and Karim Chatoor of Sun Commercial Real Estate Inc. represented the seller, Longford 6 LLC.
• The sale of land to RSDGP LLC, comprised of 1.88 acres at 2660 North Las Vegas Boulevard. The total value of the transaction was $600,000. Michael Brazill of Sun Commercial Real Estate Inc. represented the buyer.
• The sale of land to JPM Family Trust, comprised of 0.99 acres at 3515 E. Sunset Road. The total value of the transaction was $425,000. Ed Bassford and Michael Brazill of Sun Commercial Real Estate Inc. represented the seller, Navidi Family Trust.
COMPLETED LEASE TRANSACTIONS
• Zitro USA Inc. leased approximately 13,156 square feet of industrial space in Hughes Airport Center located at 823 Pilot Road. Kelsey and Jake Higgins of CBRE of CBRE represented the landlord.
• James Bianchi leased approximately 6,854 square feet of industrial space in Hughes Airport Center at 731 Pilot Road. Jake Higgins of CBRE represented the landlord.
• Unicity International Inc. subleased approximately 109,290 square feet of flex space in UNLV Harry Reid Research and Technology Park at 8350 Briova Drive. Jake Higgins of CBRE represented the tenant.
• Boxzooka Efulfillment LLC leased approximately 75,349 square feet of industrial space in Silver & Black Industrial Plaza at 3600 E. Dale Ave. Jake Higgins of CBRE represented the tenant.
• A lease to Precision Chiropractic Group LLC for a 84-month term. The 1,652-square-foot retail space is within The Village at Centennial Springs at 7541 Tule Springs Road, Suite 130. The CNR Retail Team consisting of Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, RH Centennial, LLC & Centennial Holdings LLC.
• A lease to Driggs Title Agency LLC for a 65-month term. The 3,271-square-foot office space is at 8861 W. Sahara Ave., Suite 110. The Thill, Dillon & McInerney Office Team consisting of Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessee.
• A lease to Ideal Business Partners Inc. for a 39-month term. The 1,732-square-foot office space is downtown Las Vegas inside City Centre Place at 400 S. 4th St., Suite 540. The Thill, Dillon & McInerney Office Team consisting of Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessor, DIG CCP, LLC.
• A lease to Hutchings Law Group LLC for a 39-month term. The 2,169-square-foot office space is in downtown Las Vegas inside City Centre Place at 400 S. 4th St., Suite 550. The Thill, Dillon & McInerney Office Team consisting of Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessor, DIG CCP, LLC.
• Lucky Top, Inc. leased approximately 95,513 square feet of industrial space in Northgate Distribution Center at 5840 Donovan Way. Jake Higgins of CBRE represented the landlord.
• The lease of a retail building to LV Business Support LLC, comprised of 1,500 square feet at 4480 Paradise Road, Suite No. 300. The total value of the transaction was $597,697.93. Jenny Li of Sun of Commercial Real Estate Inc. represented the tenant.
• The lease of a retail building to Second Mountain Enterprises East Valley LLC, comprised of 2,700 square feet at 2960 St. Rose Parkway, Suite Nos. 140 & 150 in Henderson. The total value of the transaction was $364,846. Pierce Wasserkrug of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of a retail building to Sunright LV Rainbow LLC, comprised of 1,438 square feet at 7615 S. Rainbow Boulevard, Suite No. 101. The total value of the transaction was $256,424.00. Jenny Li of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an office building to United Standard POS, comprised of 1,603 square feet at 4528 W. Craig Road, Suite No. 150. The total value of the transaction was $102,585.00. Pete Janemark of Sun Commercial Real Estate Inc. represented thelandlord, AMJ Craig LLC. Ed Bassford and Michael Brazill of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an office building to Yen Chiropractic LLC, comprised of 1,632 square feet at 3231 N. Decatur Blvd., Suite No. 116. The total value of the transaction was $96,098.79. Pete Janemark of Sun Commercial Real Estate Inc. represented the landlord, Red Feather Property LLC.
• A lease to Paul Vu Media LLC for a 37-month term. The 16,118-square-foot industrial property is located within Northport Business Center at 3825 W. Cheyenne Ave., Suite 604/605. The Telles Industrial Team: Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, MCA IGF Northport LLC.
• A lease to Hobomoped Inc for a 36-month term. The 3,811-square-foot industrial property is located within Northport Business Center at 3945 W. Cheyenne Ave., Suite 206. The Telles Industrial Team: Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, MCA IGF Northport LLC.
• A lease to Ultrasound Solutions Corp. for a 36-month term. The 3,846-square-foot industrial property is within Northport Business Center at 3945 W. Cheyenne Ave., Suite 203. The Telles Industrial Team: Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, MCA IGF Northport LLC.
