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…