CAPROCK PARTNERS BUYS 20.7 ACRES IN NORTH LAS VEGAS
CapRock Partners, a leading industrial real estate investment, development and third-party asset management firm, has closed on a 10-parcel land acquisition assemblage totaling 20.7 acres for the development of three industrial buildings totaling 441,554-square-feet in North Las Vegas. CapRock acquired the land for the planned Class A project in unimproved condition from nine individual sellers. Development is underway and groundbreaking is planned for early 2022. Project completion is anticipated in by the end of 2022.
The new project, named CapRock Tropical Logistics Phase II, is the second phase of the adjacent CapRock Tropical Logistics, a two-building 1.1 million-square-foot logistics complex, currently finishing construction. Collectively, the two phases total 105 acres, or 34 legal parcels, acquired via assemblage from 22 unrelated sellers. Phase I is 100 percent pre-leased and scheduled for completion later this year.
“As CapRock’s third ground-up industrial project in North Las Vegas, our team is excited to commence development of CapRock Tropical Logistics Phase II,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “CapRock worked closely with each parcel’s seller and leveraged its understanding of the area’s local infrastructure, civil planning and market dynamics to assemble and rezone the project site. The assemblage is exemplary of CapRock’s tenacity and vision, which is what guides our team in creating value in some of the most competitive industrial real estate markets in North America.”
CapRock Tropical Logistics Phase II is located within the North Las Vegas Speedway submarket, along the south side of Interstate 15, north of East Tropical Parkway.
“CapRock Tropical Logistics will provide North Las Vegas Speedway with the modern and efficient warehouse space it greatly needs,” said Nicholas Ilagan, senior vice president of asset management at CapRock Partners. “The most sought after and active deal size for new industrial space in North Las Vegas is currently between 50,000 and 250,000 square feet. Including this project, CapRock Partners will have developed nearly 2.4 million square feet of industrial space in this submarket in the last 12 months. CapRock continues to aggressively pursue investment opportunities for new industrial development and value-add industrial acquisitions to meet the ongoing demand.”
Rob Lujan of Jones Lang LaSalle represented CapRock in the CapRock Tropical Logistics Phase II assemblage transactions. His team of Jason Simon and Xavier Wasiak are actively leasing both projects.
BRASS CAP BREAKS GROUND ON HENDERSON PROJECT
Brass Cap Development, a leading developer of industrial space in the Las Vegas Valley, broke ground on their latest project Silver and Black in West Henderson.
Silver and Black is a two-building industrial complex near the Raiders Practice Facility at the corner of Dale Avenue and Chaparral Road. Each building is 75,000 square feet and can be divisible to 7,500 square feet.
Situated on 9.5 acres in the booming industrial submarket of West Henderson, Silver and Black features 30-foot clear height; 20 dock doors measuring 9-feet-by-10-feet-high with dock bumpers installed at each door per building; 10 dock doors measuring 12-feet-by-14-feet-high per building; ESFR fire suppression system; 2,500 Amps, 277/480V, 3-phase power per building.
Silver and Black is being constructed near two other Brass Cap Development projects in West Henderson — Bromigo and Executive Airport Crossing. This submarket is nearby high-profile companies, such as the Amazon Distribution Center and the Smiths/Krogers Distribution Center. The area boasts desirable amenities and offers easy access to the valley’s major freeways including Interstate 15 and the 215 Beltway.
“We continue to see great success with our projects in West Henderson and so do the buyers and tenants we sale and lease to,” said Tim Castello, CCIM, partner at Brass Cap Development. “The West Henderson Submarket continues to grow at a rapid pace and offers quick and easy interstate access to California, Arizona and more.”
LM Construction Co, a Las Vegas-based construction company, is the design-build general contractor for both projects.
Silver and Black is currently available for lease and sale. Colliers Las Vegas brokers Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, are representing Silver and Black in all real estate transactions.
COMPLETED SALES TRANSACTIONS
• Newmark Knight Frank has announces it has arranged the sale of a Reddy Ice Facility, a cold storage and ice production plant for $16.65 million. Newmark’s Managing directors Michael Zobrist and Lauren Tabeek, CCIM, and broker services specialist Jeffrey (Scott) Price represented the seller, ZNZ Enterprises LLC.
• Sean Zaher of CBRE Inc. represented the buyer, Blake Family Property LLC, in the purchase of a 29,500-square-foot industrial building at 1965 Pama Lane for $5,634,500.
• Kevin Higgins, SIOR, of CBRE Inc. represented the seller in the sale of 5.38 acres of vacant industrial land at Tropical Parkway and Range Road to Silver Lake Construction Co. for $2,870,000.
• Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial have announced the recent sale of Sherwood Palms Apartments for $2,050,000 ($85,417/unit). This sale consisted of 24 multifamily units built in 1963, located at 2635 and 2655 Sherwood St. This transaction closed on April 26. Northcap Multifamily represented the buyer, Camino Verde Group LLC.
• Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial, have announced the recent sale of the 2131 Statz St, Apartments for $1,285,000 ($85,667/unit). This sale consisted of 15 multifamily units built in 1963, located at 2131 Statz St. in North Las Vegas. This transaction closed on May 22. Northcap Multifamily represented the seller, Ambleside Properties LLLP.
• Jerad Roberts; Jason Dittenber; Devin Lee, CCIM; and Robin Willett of Northcap Commercial, have announced the recent sale of 5000 Stanley Ave Apartments for $737,000 ($92,125/unit). This sale consisted of eight multifamily units built in 1980, located at 5000 Stanley Ave. This transaction closed on April 16. Northcap Multifamily represented the seller, Nilesh K Shah.
• The sale of a retail building comprised of 14,480 square feet at 1535-1545 N. Eastern Ave. The total value of the transaction was $675,000. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the seller, McElhose Survivor’s Trust.
COMPLETED LEASE TRANSACTIONS
• The Magliarditi | Landes Office Advisors from LOGIC Commercial Real Estate has announced the off-market sale of 3755 Breakthrough Way, a Class A, multitenant Office Building in Summerlin. Representing the seller, Dornin Investment Group. he team identified the qualified buyer and secured the seller’s target sales price of $29,000,000 or $294 per square foot.
• The lease to The DOCs LLC comprised of 4,083 square feet at 3005 Horizon Ridge Parkway, Suite 100, Henderson. The total value of the transaction was $393,193.02. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the tenant.
• The Lease to Dr. Valpiani MD LLC comprised of 5,315 square feet at 7455 W. Washington Ave., Suite 460. The total value of the transaction was $336,809.50. Pete Janemark, CCIM, and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, SGI Parkway LLC.
• The lease to Hyco Wholesale Hydroponics LLC comprised of 6,622 square feet at 5025 Schuster St. The total value of the transaction was $212,974.56. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Black Metallic Holdings LLC.
• The lease to Adara Group Inc. comprised of 5,715 square feet at 2785 E. Desert Inn Road, Suite 180. The total value of the transaction was $201,375.21. Pete Janemark, CCIM, and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.
• The lease to Bravo Pack Inc. comprised of 9,000 square feet at 5050 Steptoe St., Suite B-2. The total value of the transaction was $194,400. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Steptoe Industrial Park LLC.
• The lease to Earseeds comprised of 2,468 square feet at 8170 W. Sahara Ave., Suite 206-207. The total value of the transaction was $186,680.88. Michael Brazill and Edward Bassford of Sun Commercial Real Estate Inc. represented the landlord, Manpower Professional Center LLC.
• The lease to Restorative Behavioral Health LLC comprised of 1,580 square feet at 5135 Camino al Norte, Suite 230, North Las Vegas. The total value of the transaction was $71,496.24. Pete Janemark, CCIM, and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, KFRE Camino LLC.
• Shipfusion Inc. leased approximately 246,211 square feet of industrial space in Silver State Commerce Center at 4350 N. 5th St. Sean Zaher of CBRE represented the landlord.
• Event Audio Visual Group Inc. leased approximately 16,800 square feet of industrial space in Valley View Commerce Center at 6145 S. Valley View Blvd. Sean Zaher of CBRE represented the tenant.
• Medica Services Inc, renewed their lease of approximately 8,462 square feet of industrial space in Hughes Airport Center at 1181 Grier Drive. Jake Higgins of CBRE represented the landlord.
• A lease to Diamondback Land Surveying. The approximately 5,810-square-foot office property is in Redrock Business Center at 6140 Brent Thurman Way, B230. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessee.
• A lease to Gibbs Giden Locher Turner Senet & Wittbrodt LLP. The approximately 2,293-square-foot office property is in City Center West at 7251 W. Lake Mead Blvd., Suite 450. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, 7251 W. Lake Mead LLC.
• A lease to EPC Staff Acquisition and Development LLC. The approximately 1,482-square-foot office property is in CENTRA Point at 8345 W. Sunset Road, Suite 300. Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessee.
• A lease to Educare Community Living Corp. The approximately 1,477-square-foot office property is in Flamingo Grand Plaza at 1050 E. Flamingo Road, Suite W251. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC.
• A lease to Native Vegas LLC. The approximately 1,286-square-foot retail property is in Stephanie Beltway Plaza at 11 S. Stephanie St. Gabriel Skerlich of Colliers International represented the lessee.
• A lease to Rider Levett Bucknall Ltd, a Hawaii corporation. The approximately 1,233-square-foot office property is in Flamingo Grand Plaza at 1050 E. Flamingo Road, Suite S110. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC.
• A lease to Ocean Reflexology. The approximately 825-square-foot retail property is in Windmill Pecos Plaza at 2641 Windmill Parkway in Henderson. Scot Marker of Colliers International represented the lessor, 7521 West Lake Mead, No. 221.
• A lease to Infinity Medical Supply LLC. The approximately 807-square-foot retail property is in Flamingo Grand Plaza at 1050 E. Flamingo Road, Suite N-239. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC.
• Ship Hero LLC leased approximately 196,652 square feet of industrial space in Golden Triangle Logistics Center at 3195 E. Washburn Road. Kevin Higgins, SIOR, of CBRE represented the landlord.
• K2 Fabrication Inc. leased approximately 35,392 square feet of industrial space in Henderson Freeways Crossing at 8385 Eastgate Road. Sean Zaher of CBRE represented the landlord and Jake Higgins of CBRE represented the tenant.
• Superior Pool Products LLC leased approximately 14,584 square feet of industrial space in Pacific Business Center at 1045 American Pacific Drive. Jake Higgins of CBRE represented the landlord.
• Big A Ice Co. LLC leased approximately 12,120 square feet of industrial space in Hughes Airport Center at 1151 Grier Drive. Jake Higgins of CBRE represented the landlord.