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
