CapRock Partners and Ares Asset Management have sold the Spanish Ridge Industrial Center, comprising three Las Vegas Class A industrial buildings to EastGroup Properties for $54.8 million. All three buildings are 100% leased to five tenants. 

Newmark’s Andrew Briner and Bret Hardy represented the sellers. 

Spanish Ridge Industrial Center was newly built in 2023 and is strategically located in the Southwest submarket of Las Vegas. The property spans 230,899 square feet and is situated on 12.91 acres adjacent to the Las Vegas Beltway (CC-215), one of the region’s primary thoroughfares. 

Designed with modern industrial features, the property features 24’–30’ clear heights, ample loading docks and 128’–180’ truck courts for optimal efficiency.

As of Q4 2023, annual absorption of space in Las Vegas measured 6.0 million square feet, and vacancy sat at 3.6% – one of the tightest industrial markets in the nation.. The construction development cycle remains strong; 8.4 million square feet delivered throughout 2023 with 16.9 million square feet currently underway. 

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

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