Newmark Completes $54.8 Million Sale of Spanish Ridge Industrial Center in Las Vegas

February 12, 2024 9:00 AM

Newmark announces it has completed the sale of Spanish Ridge Industrial Center, comprising three state-of-the-art Class A industrial buildings, in Las Vegas, Nevada. The property sold for $54,800,000.

Newmark Executive Managing Directors Andrew Briner and Bret Hardy represented the sellers, CapRock Partners and Ares Asset Management in the transaction. The buyer was EastGroup Properties.

Spanish Ridge Industrial Center, located at 8875 W. Hacienda Avenue & 5365, 5425 S. Riley Street, 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.

“CapRock and Ares built an exceptional product and strategically executed their business plan from inception to disposition,” said Briner. “These assets are differentiated within the market and are an excellent addition to EastGroup’s growing portfolio in Las Vegas.”

Designed with modern industrial features, the property features 24’–30’ clear heights, ESFR sprinklers, ample loading docks and 128’–180’ truck courts for optimal efficiency. Notably, all three buildings are 100% leased to five tenants.

“Spanish Ridge Industrial Park is a best-in-class mid-sized Las Vegas industrial asset and CapRock Partners is proud to see the successful execution of its business plan with the completed sale transaction,” said Taylor Arnett, First Vice President of Acquisitions, CapRock Partners. “CapRock is committed to providing quality facilities that contribute to Las Vegas’ sustained economic growth and community enhancement. From the project’s beginning, we worked closely with the surrounding neighborhood to create a highly efficient facility with an elevated design to provide cohesiveness with the adjacent office and residential uses.”

The Las Vegas Industrial Market has experienced tremendous growth in recent years with many users seeing it as a more price-conscious alternative while still being connected to important Southwest Markets, according to Newmark Research. 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.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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