NORTH LAS VEGAS, NEV. — A joint venture between Ares Management Corp. and CapRock Partners has sold Tropical Logistics Phase II, an industrial warehouse complex in North Las Vegas.
The 442,780-square-foot, Class A facility includes three single-tenant buildings. The buyer was institutional investor Stockbridge Capital Group. At the time of the sale, the property was fully leased to three tenants.
Tropical Logistics Phase II is the joint venture’s third completed development. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1-million-square-foot, Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased, 230,899-square-foot industrial complex in Southwest Las Vegas.
Cushman & Wakefield represented the seller, with local representation by JLL. The price was not disclosed.