Las Vegas Is CapRock’s New Target Market

Industrial developer and investor CapRock Partners is ramping up its activity in the Las Vegas market. This year, it purchased a land site for a 700,000-square-foot industrial facility in Las Vegas, marking the firm’s first project outside of California. In addition, the firm plans to acquire and develop 2 million square feet of industrial space in the market.

“Las Vegas is a developer-friendly market, and our experience processing plans and obtaining approvals is often easier in Las Vegas than in California,” Taylor Arnett, VP of acquisitions at CapRock, tells GlobeSt.com. “CapRock’s strategy is to identify and secure well-located properties in a variety of submarkets within the Las Vegas Valley, and develop projects uniquely tailored to each site based on the needs and opportunities within the specific markets. In general, the demand for small tenant buildings can be found in the Southwest and Henderson submarkets while the larger tenants are in North Las Vegas.”

The firm first identified the potential in Las Vegas back in 2016. After research and due diligence, it began actively looking for opportunities in 2018. “CapRock was ready to dive into Las Vegas development in 2018 and we began aggressively seeking land for industrial development,” says Arnett. “We successfully tied up an extremely well located property in North Las Vegas that offers unparalleled freeway frontage and access. Consistent with CapRock’s development approach, our team hired the best local consultants for the development and found the entitlement and design process to be fluid.”