SoCal Investment Firm Nabs 2 Las Vegas Industrial Parks
- May 09, 2017
CapRock Partners has purchased two industrial parks in Las Vegas. The company acquired the properties well below the market value in an off-market transaction from two separate owners. CenterSquare Investment Management was CapRock’s capital partner on both properties.
The deal comprises two assets totaling 203,134 square feet. The location of 4350 Arville St. features 160,554 square feet of multi-tenant industrial space. The park is located less than two miles away from the Strip in Las Vegas’ southwest submarket. CapRock plans to implement extensive renovations to both the interior and exterior of the property. Additionally, the company intends to put into action an aggressive leasing strategy handled by a new leasing team and an on-site project manager.
Located at 3021 S. Valley View Blvd., Valley View Business Park features 42,580 square feet and is also located two miles away from the Strip, in the southwest submarket. The fully occupied incubator industrial park offers 24 units ranging in size from 972 to 2,180 square feet.
“With vacancy rates in this submarket declining and rents improving for light multi-tenant industrial and almost no new development of that product type on the immediate horizon, CapRock Partners is ideally positioned to implement its proven value-add development approach with both assets – and to realize significant gains for our investors,” CapRock’s Co-Founder & President Jon Pharris, said in prepared remarks.
JLL’s Rob Lujan, Jason Simon and Xavier Wasiak represented CapRock in the transaction and will handle leasing for both assets.
Images via GoogleMaps