Less than a year after it broke ground on a warehouse project near Las Vegas Motor Speedway, a Southern California developer is pushing ahead with plans for another one next door.
CapRock Partners recently announced that it acquired nearly 21 acres in North Las Vegas for a three-building industrial complex spanning 441,554 square feet at Beesley Drive and Azure Avenue.
It expects to break ground in the first quarter of 2022 and finish the project, CapRock Tropical Logistics Phase II, 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 preleased and almost finished, the company said in a news release.
Developers have been on a warehouse-building spree in Southern Nevada for years, in many cases filling them with e-commerce firms. North Las Vegas has been an especially popular spot for large distribution centers, as big chunks of land have been available at relatively low prices there, and officials have expanded the city’s infrastructure.
Southern Nevada is seeing a record amount of industrial development, and preleasing has been “pretty 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 one bright spot” in commercial real estate since the pandemic hit, he said.
People were already shopping more online before the public health crisis upended daily life last year. But after the virus outbreak left masses of people working from home or rarely venturing out for fear of getting infected, and stores temporarily closed, internet shopping only ramped up.
CapRock, based in Newport Beach, California, announced in November that it broke ground on CapRock Tropical Logistics, which sits on more than 80 acres.
Taylor Arnett, first vice president of acquisitions at CapRock, told the Review-Journal this week that after the pandemic hit, there was “barely a pause” in the market for distribution space, which, he noted, tends to congregate in North Las Vegas.
Now, he said, it’s “stronger than it’s ever been.”