Ares Management, CapRock Partners sell industrial facility in North Las Vegas

Ares Management Corp. and CapRock Partners have sold Tropical Logistics Phase II to Stockbridge Capital Group.

The financial terms were not disclosed.

The facility was a joint venture between CapRock and real estate funds managed by Ares Management.

Located within the North Las Vegas submarket, the 21.9-acre class A industrial warehouse complex includes three state-of-the-art single-tenant buildings totaling 442,780 square feet. The asset was 100 percent leased and occupied by three high-quality tenants at the time of sale.

“Tropical Logistics Phase II attracted significant tenant interest due to its modern features and prime location within a major U.S. growth market,” said Jay Glaubach, partner and co-head of U.S. real estate investments at Ares. “This property builds on the well-received delivery of Tropical Logistics Phase I as the Las Vegas market continues to experience strong industrial demand to meet growing e-commerce and distribution n