Newport Beach-based CapRock Partners bought a 130,800-square-foot Class A industrial building in Phoenix.
CapRock paid $11.9 million for the property, according to the CRE industry website traded.co. The seller was Sun State Builders.
“The acquisition of 5810 W. Buckeye Road represents an opportunity to meet the ongoing demand for quality industrial space in infill areas in Phoenix and expand CapRock’s portfolio in the region,” said Jon Pharris, co-founder and president of CapRock Partners.
The property has been pre-leased by Metrie Inc., a manufacturer and supplier of solid wood and composite molding.
Construction on the new building was completed earlier this year with Metrie set to take occupancy by summer.
Don MacWilliam and Payson MacWilliam of Colliers International represented CapRock Partners in the marketing of 5810 W. Buckeye Road. Metrie was represented by Mark Seale with Avison Young.
More Western properties for CapRock
CapRock Partners also announced it has wrapped up work on two Class A industrial distribution facilities in Las Vegas.
The facilities span a combined 700,000 square feet.
Tropical Logistics Phase II has three single-tenant buildings in 442,780 square feet. The firm said all of the buildings are pre-leased though it declined to provide the tenant names.
Spanish Ridge Industrial Park also has three buildings for a total 230,899 square feet and is partially pre-leased.
“Newly completed, well-located projects such as Tropical Logistics Center Phase II and Spanish Ridge Industrial Park are benefiting from Las Vegas’ limited supply of new industrial development and the continued high demand from occupiers,” said Jon Pharris, co-founder and president of CapRock.
CapRock, with $2.7 billion of assets under management or advisement, said it is actively buying industrial properties in the western and central U.S., typically investing $20 million and $100 million per acquisition.
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