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Today, Ares Management and CapRock Partners announced the sale of the recently completed Tropical Logistics Phase II to Stockbridge Capital Group, an institutional private equity real estate investment company based in San Francisco.
Located at 6325-6185 N. Beesley Drive, the 21.9-acre warehouse complex includes three single-tenant buildings totaling 442,780 square feet and is adjacent to the I-15 freeway in North Las Vegas. The asset was 100% leased and occupied by three tenants at the time of the sale. Each building was pre-leased prior to construction completion, ranging in size from 91,591 square feet to 249,085 square feet.
Tropical Logistics Phase II is the third development that has been completed as part of the Ares Management and CapRock joint venture. The firms also 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 the Southwest Las Vegas submarket.
The joint venture was represented by Cushman & Wakefield with local representation by JLL.
