CapRock Partners and Ares Asset Management have recently completed the sale of Spanish Ridge Industrial Center, a collection of three Class A industrial buildings in Las Vegas. The buyer, EastGroup Properties, acquired the property for $54.8 million. All three buildings are fully leased to five tenants.
The sellers were represented by Newmark’s Andrew Briner and Bret Hardy.
Located in the Southwest submarket of Las Vegas, Spanish Ridge Industrial Center was constructed in 2023 with strategic positioning near major thoroughfare CC-215 (Las Vegas Beltway). Spanning over 230,899 square feet on 12.91 acres of land, this modern industrial property boasts features such as clear heights ranging from 24′ to 30′, ample loading docks and truck courts measuring between128′ to180′.
As reported during Q4 of last year , annual absorption rates for commercial space reached an impressive milestone at approximately six million square feet while vacancy rates remained low at just around3.6%. This makes Las Vegas one of the most competitive markets nationwide within its sector . Additionally , there has been significant growth within construction development as evidenced by a delivery rate totaling8 .4 million square feet throughout all quarters last year with another16 .9 million currently underway .
This transaction marks yet another successful deal for CapRock Partners and Ares Asset Management who continue to demonstrate their expertise within this market segment through strategic acquisitions like these.
