Less than a year after the groundbreaking for a warehouse project near Las Vegas Motor Speedway, a Southern California developer is moving forward with plans for another one next door.
CapRock Partners recently announced that it has purchased nearly 21 acres in North Las Vegas for a three-building industrial complex spanning 441,554 square feet on Beesley Drive and Azure Avenue.
The groundbreaking is expected to take place in the first quarter of 2022 and the CapRock Tropical Logistics Phase II project to be completed in the fourth quarter of next year.
The site is adjacent to CapRock Tropical Logistics, a two-building, 1.1-million-square-foot project that is fully pre-approved and nearing completion, the company said in a press release.
Developers have been on a warehouse-building tour in southern Nevada for years, and in many cases they are staffing them with e-commerce companies. North Las Vegas is a particularly popular location for large distribution centers because large pieces of land were available there at relatively low prices and officials have expanded the city’s infrastructure.
Southern Nevada is experiencing a record amount of industrial development and pre-letting was “quite high,” John Stater, Las Vegas research manager for Brokerage Colliers International, told the Review Journal about a month ago.
Overall, the industrial sector has been “the only bright spot” in commercial real estate since the outbreak of the pandemic, he said.
People were already shopping more online before last year’s public health crisis turned daily life upside down. But after the virus outbreak left crowds of people working from home or rarely venturing out for fear of infection, and stores temporarily closed, internet shopping only picked up.
CapRock, headquartered in Newport Beach, California, announced the groundbreaking in November for CapRock Tropical Logistics, which spans more than 80 acres.
Taylor Arnett, CapRock’s first vice president of acquisitions, told the review journal this week that after the pandemic outbreak, there was “little break” in the retail space market, which he noted tended to be in North Las Vegas gather.
Now, he said, it is “stronger than ever”.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
