A Southern California warehouse developer has broken ground on a sprawling project in North Las Vegas, marking yet another industrial complex for the city.
CapRock Partners is doing site work for a 1.1 million-square-foot project called CapRock Tropical Logistics, located at Sloan Lane and Tropical Parkway, near the Las Vegas Motor Speedway.
The northeast valley project consists of two buildings – one spanning 857,060 square feet, the other 271,262 square feet – and is slated to be finished in the third quarter of next year, the company announced.
An e-commerce retailer has already signed a lease for the larger building, said the developer, which declined to disclose the tenant.
CapRock’s project is just the latest warehouse development in North Las Vegas, which has seen a surge of large distribution facilities come out of the ground in recent years. Big chunks of land have been available at relatively low prices there, and officials have expanded the city’s infrastructure near the Speedway.
Taylor Arnett, first vice president of acquisitions at Newport Beach, California-based CapRock, said his firm cobbled together its project’s 83-acre spread from 13 different landowners and closed the purchase early this year, before the coronavirus pandemic upended daily life and sparked crushing job losses in Southern Nevada.
Arnett said the company paused the project for a few months to see how industrial and financial markets would shake out amid the chaos. CapRock ultimately broke ground about a month ago, he said.
According to Arnett, the big-box industrial market across the U.S. has remained strong and is now better than it was before the pandemic, as the existing shift from brick-and-mortar retail to online shopping and warehouse distribution was “exacerbated” by the outbreak.
CapRock Tropical Logistics also marks the company’s biggest project site yet in Southern Nevada, surpassing its previously largest one of 33 acres, Arnett said.