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LV Warehouse Owners Close on $127.4M Refi
NorthPoint Development and BGO inked Crocs’ HEYDUDE footwear for 8 more years in a 1 million-square-foot Las Vegas warehouse. The lease agreement calls for $111 million to be paid out through the end of the lease in 2033. With that kind of certainty, the two companies have secured a $127.4 million refinancing for North Vegas Logistics Center’s Building 1, a 1-million-square-foot warehouse in Las Vegas.
Commercial Search reports that Brookfield’s Oaktree Capital Management originated the debt, which retired a $72.9 million construction loan originated by Bank OZK in 2023. The building delivered in 2024.
In addition to Croc’s long-term rent commitment, the firm plans to invest $90 million in equipment and building improvements.
Located on more than 59 acres at 11515 N. Donald Lee Adams Way, the facility is along the Interstate 15 corridor inside the Apex, Nev., submarket.
