The property arm of Canada-based wealth management firm Nicola Wealth has made its first investment in the Las Vegas marketplace with the acquisition of a 276,912sqft industrial portfolio from CapRock Partners
Announcing the deal, CapRock said it has sold three assets to Nicola Wealth Real Estate for an undisclosed sum.
The assets include the 160,554sqft, multi-tenant The Park @ Arville business park located at 4350 Arville Street, the 73,508sqft multi-tenant Valley View Commerce Center business park and the 42,850sqft Valley View Business Park single-storey industrial building.
CapRock Partners acquired the assets in 2017.
Matthew Shaeffers, director of acquisitions at Nicola Wealth Real Estate, said: “Our firm sees strong growth potential and dependable returns in industrial real estate, particularly for small – mid-bay assets with in-fill locations. Paramount is keeping our investors’ best interests at the forefront of our investment strategy.
“CapRock Partners did a fantastic job creating and repositioning a strong portfolio of industrial assets in key locations in Las Vegas, one of the country’s more robust and expanding economic markets. We are confident in the long-term success of the acquired portfolio, and continue to actively look for similar investment opportunities in select US markets.”
Taylor Arnett, first vice president of acquisitions at CapRock Partners, said: “When we first entered the Las Vegas market in 2017, our goal was to acquire and aggregate underperforming multi-tenant industrial properties in a supply-constrained area.
“The sale of this portfolio demonstrates our unique focus on increasing value through the strategic repositioning of assets, and nods to our best-in-class management expertise in generating proven financial results to our investors and partners.”
Nicholas Ilagan, senior vice president of asset management at CapRock Partners, said: “Investing and developing in Las Vegas continues to be a critical component of CapRock’s growth strategy.
“Las Vegas boasts strong market fundamentals from both a user and investor perspective and is fast emerging as a significant regional industrial and logistics hub for many companies. As our team continues to keep its eye on the horizon, we look forward to pursuing a strategic growth initiative in Nevada, as well as California and Arizona.”