CapRock Partners, a private industrial investment and development firm focused solely on the Western U.S., has announced the disposition of three industrial real estate assets in Las Vegas for an undisclosed amount to Nicola Wealth Real Estate, a Canada-based subsidiary of wealth management firm Nicola Wealth. The sale of the 276,912-square-foot portfolio marks Nicola Wealth’s first venture into the Las Vegas marketplace.
“When we first entered the Las Vegas market in 2017, our goal was to acquire and aggregate underperforming multitenant industrial properties in a supply-constrained area,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “The sale of this portfolio demonstrates our unique focus on increasing value through the strategic repositioning of assets, and nods to our best-in-class management expertise in generating proven financial results to our investors and partners.”
Acquired in off-market transactions by CapRock Partners in 2017, the sale of the portfolio includes the following properties:
— The Park @ Arville. Originally constructed in 1974, the 160,554-square-foot, multitenant business park is comprised of several suites ranging from 1,000 square feet to 10,000 square feet with private outdoor storage yards and 15- to 20-foot clear heights. CapRock acquired The Park @ Arville in 2017 and implemented an extensive renovation plan, which included creating new functional office and warehouse spaces, the introduction of a modernized paint scheme creating private fenced yards, new monument signage, awnings and suite signage and a dramatic enhancement of the property’s curb appeal. The Park @ Arville is at 4350 Arville St., proximate to the Las Vegas Strip and Interstate 15, with frontage on Arville Street.
— Valley View Commerce Center. Constructed in 1989, the 73,508-square-foot multitenant business park features several suites ranging from 1,776 square feet to 6,528 square feet, with 15- to 17-foot clear heights. CapRock acquired Valley View Commerce Center in 2017 and repositioned the property through an all-encompassing improvement plan to enhance the buildings’ aesthetic, functionality and stabilize the buildings through lease up. The complex is at 5130, 5160, 5190 and 5230 South Valley View Blvd., with close proximity to the Las Vegas Strip and I-15.
— Valley View Business Park. Built in 1986, the 42,850-square-foot single-story industrial building features several suites ranging from 2,000 square feet to 7,000 square feet. CapRock acquired the property in 2017. CapRock replaced the roofs, upgraded the mechanical systems and leased the property to stabilization. Located at 3021 South Valley View Blvd., Valley View Business Park is minutes from the I-15, provides access to U.S. Highway 95 and McCarran International Airport and offers frontage on Valley View Boulevard.
“Our firm sees strong growth potential and dependable returns in industrial real estate, particularly for small (to) mid-bay assets with in-fill locations. Paramount is keeping our investors’ best interests at the forefront of our investment strategy,” said Matthew Shaeffers, director of acquisitions at Nicola Wealth Real Estate. “CapRock Partners did a fantastic job creating and repositioning a strong portfolio of industrial assets in key locations in Las Vegas, one of the country’s more robust and expanding economic markets. We are confident in the long-term success of the acquired portfolio, and continue to actively look for similar investment opportunities in select U.S. markets.”
CAPROCK PARTNERS SECURES FOOTHOLD IN LAS VEGAS
An active investor and developer in Nevada, CapRock Partners has either acquired, or is in escrow, on approximately 3.6 million square feet of industrial product in Las Vegas alone. Recently, the firm announced the groundbreaking of Interchange Industrial Center, a 683,000-square-foot Class A industrial complex in North Las Vegas, representing CapRock’s first ground-up development outside of California. The firm also is bullish on executing its value-add strategy, with the recent purchase of Walnut Business Park. The Class A multitenant business park in the North Las Vegas submarket features 94,808 square feet of industrial space spread across two buildings. CapRock Partners purchased the property with significant near-term rollover with the intent of renovating the industrial suites to capitalize on the lack of available units in the sub-10,000-square-foot range in the local submarket.
“Investing and developing in Las Vegas continues to be a critical component of CapRock’s growth strategy,” said Nicholas Ilagan, senior vice president of asset management at CapRock Partners. “Las Vegas boasts strong market fundamentals from both a user and investor perspective and is fast emerging as a significant regional industrial and logistics hub for many companies. As our team continues to keep its eye on the horizon, we look forward to pursuing a strategic growth initiative in Nevada, as well as California and Arizona.”
CapRock Partners is continuing to capitalize on its deep transaction pipeline and is actively acquiring high-quality industrial assets in prime locations across the Western U.S. Since the firm’s initial acquisition in 2010, CapRock has acquired, developed, or has in its pipeline approximately 17.5 million total square feet valued at $1.9 billion.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Bryce Aberg from Cushman & Wakefield and Rob Lujan, Jason Simon, Xavier Wasiak from JLL represented CapRock Partners in the sale of the Las Vegas portfolio.
Since its founding in 2009, Newport Beach, California-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms in the Western U.S. The company focuses on middle-market, value-add industrial assets and developing large-scale institutional-quality, Class A industrial warehouse facilities in key locations, serving the needs of corporate America. CapRock Partners is registered with the U.S. Securities and Exchange Commission. The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Phoenix.
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $7-billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America including a diversified range of asset classes including office, retail, industrial, multifamily residential, self-storage and seniors housing. The current real estate portfolio is $4 billion gross asset value.
COMPLETED SALES TRANSACTIONS
• Kevin Higgins, SIOR; Garrett Toft, SIOR; Jake Higgins; and national partners of CBRE Inc. represented the seller in the sale of a portfolio of six industrial and flex buildings totaling 425,752 square feet at Hughes Airport Center: 1111, 1151, 1181 Grier Drive 890 & 950 Pilot Road and 6700 Paradise Road to Columbia Industrial Acquisition Company for $72 million.
• Kevin Higgins, SIOR; Garrett Toft, SIOR; Jake Higgins; and national partners of CBRE Inc. represented the seller in the sale of a portfolio of four industrial and flex buildings totaling 103,613 square feet at 6745 Surrey St., 6830 & 6754 Spencer St. and 1856 Pama Ave. to SML So Cal Properties for $15,200,000.
• A sale to LIT-Acquisitions LLC. The 83,125-square-foot industrial property is at 845 Pilot Road. The transaction amount was $12.1 million. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, West Las Vegas Venture LLC.
• The Berg Advisory Group of Logic Commercial Real Estate has announced the sale of Parkview Plaza, a multitenant retail center anchored by PT’s Pub. The property measures about 25,120 square feet and is a strip center located at 3935-3955 S. Durango Drive. Parkview Plaza sold for $6.45 million. At the time of sale, the property was 89 percent occupied leased to a wide variety of internet-resistant tenants. The buyer assumed the existing loan in place, which was a CMBS loan due in 2025. The seller was represented by the Berg Advisory Group.
• A sale to Quiktrip Corp. The approximately 12.61-acre land parcel is at the northwest corner of N. Lamb Boulevard and Nexus Way (APN: 123-30-801-003). The transaction amount was $5,735,000. Michael Stuart and Mike Mixer, SIOR, of Colliers International represented the seller, Tomo JD LLC.
• The Vincent Advisory Group and the Berg Advisory Group have announced the sale of Plaza De Colores for $4.85 million. Plaza De Colores measures about 43,646 square feet and is a multitenant retail building at 1950-2050 S. Rainbow Blvd. The property was 100 percent occupied with tenants consisting of Panda Express, Sprint and other service-based tenants. The investment team represented the seller.
• A sale to Camino Al Norte Enterprises LLC. The 4,046-square-foot retail property is at 5110 Camino Al Norte in North Las Vegas. The transaction amount was $2.4 million. Dan Gluhaich of Colliers International represented the buyer.
COMPLETED LEASE TRANSACTIONS
• The Larkin Industrial Group at NAI Vegas pre-leased a 169,628-square-foot distribution facility in North Las Vegas by executing two leases simultaneously. The deals, estimated at $7,834,000 in total transaction volume, brought the development by Huntington Industrial Partners and Polk Street Realty to 100 percent occupancy. NAI Vegas represented tenants’ OSM Worldwide, a leader in global logistics, and EPC Inc., an IT asset management company.
• A lease to Marquez Brothers Nevada Inc. The approximately 23,322-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 10) at 3650 E. Post Road, Suite F & G in Las Vegas. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
• A lease to Best Buy Stores L.P. The approximately 15,582-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 13) at 6255 S. Sandhill Road, Suite 600-800. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
• A lease renewal to Latium USA Trading LLC. The 42,240-square-foot industrial property is in Sunrise Industrial Park at 4601 E. Cheyenne Ave., Ste. 115. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Icon PAC Nevada Owner Pool 3 Nevada LLC.
• A lease to The Goodyear Tire & Rubber Co. The 12,000-square-foot industrial property is in Valley View Corporate Center (Phase I) at 6255 S. Valley View Blvd., Ste. A & B in. Spencer Pinter of Colliers International represented the lessor, Valley View LLC.
• A lease to Shambaugh & Son L.P. The 7,504-square-foot industrial property is in Desert Point Warehouse at 5460 Desert Point Drive. Spencer Pinter of Colliers International represented the tenant.
• A lease to Wolf’s Slot Parts and Supply LLC. The 5,940-square-foot industrial property is in Spencer & Helm Business Center at 1650 Helm Drive, Ste. 400. Spencer Pinter of Colliers International represented the lessor, EJM Spencer Helm Property LLC.
• A sublease to Elite Manufacturing Technologies Inc. The 4,800-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 7) at 6295 S. Pearl St., Ste. 1200. Spencer Pinter of Colliers International represented the lessor, Norman Distribution Inc.
• A lease to Cleerline Technology Group LLC. The 2,537-square-foot industrial property is in Patrick Commerce Center at 2875 E. Patrick Lane, Suite I. Spencer Pinter of Colliers International represented the tenant.
• A lease to Precision Window Tint LLC. The 1,800-square-foot industrial property is in Brunner Commerce Park at 1600 Executive Airport Drive, Ste. 100 in Henderson. Grant Traub, SIOR; Chris Connell, SIOR; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Retko Group LLC.