Leading Western U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced its acquisition of a 22.1-acre parcel within the World Logistics Center masterplan in Moreno Valley, Calif. for the development of CapRock Global Logistics, an approximately 500,000-square-foot new LEED-certified industrial warehouse. CapRock purchased the development site from a Southern California-based developer in an off-market transaction.
“As a future-focused firm, CapRock Partners is excited to develop a state-of-the-art institutional-level industrial asset adjacent to the World Logistics Center, an undeniably impactful distribution hub advancing logistics in the Western U.S.,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “CapRock’s development site is in a prime location near the gateway into the World Logistics Center, providing excellent visibility and accessibility. Our team moved quickly to underwrite and acquire the opportunity, and we look forward to leveraging our experience and expertise to develop another modern world-class facility.”
In alignment with CapRock’s commitment to creating world-class industrial real estate solutions, CapRock Global Logistics is designed to accommodate a wide range of uses including e-commerce, manufacturing and distribution. At completion, the building will feature 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space. The property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard.
CapRock Global Logistics is located just south of the 60 freeway at the Theodore Street on/off-ramp. Positioned midway between the I-215 and I-10 freeways, the property is within a 1.5-hour drive to the ports of Long Beach and Los Angeles and offers the ability to reach 11 states, or approximately 80 million people within a one-day drive.
World Logistics Center is a 2,610-acre planned industrial business park that will bring over 40 million square feet of sustainable logistics facilities to Southern California’s Inland Empire East submarket by 2030. At completion, the masterplan will be the largest logistics business park in North America, offering exceptional connectivity to major transportation routes including highways, rail lines and airports, the ports of Long Beach and Los Angeles, and major Western U.S. distribution hubs.
CapRock was represented by Stefan Pastor and Brad Yates at Stream Realty Partners in the CapRock Global Logistics sale transaction. The seller was represented by Mark Repstad at Southland Commercial Real Estate.
The addition of CapRock Global Logistics bolsters CapRock’s robust development portfolio, which includes approximately 16 million square feet of Class A logistics facilities in various stages of development throughout the Western and Central U.S.
“CapRock is very active on all fronts throughout the Western and Central U.S. and our team continues to pursue new opportunities that meet our investment criteria for our various investment funds,” said Jon Pharris, co-founder and president of CapRock Partners. “We are excited to see the completion of several key assets within our portfolio and are approaching the second half of 2023 with cautious optimism as we monitor areas with healthy fundamentals such as strong leasing activity and high corporate demand.”
CapRock is near completion on I-15 Logistics Center, which will add approximately 1.2 million square feet of Class A industrial warehouse space to the Inland Empire West submarket. Located at 4121 Coyote Canyon Road (formerly 3945 Lytle Creek Road) in Fontana, I-15 Logistics Center is strategically positioned along a half mile stretch of the I-15 South, near the Sierra Avenue on/off-ramp, providing exceptional freeway visibility and connectivity to regional transportation and Western logistics hubs. The 67-acre warehouse facility features 36% floor to area ratio (FAR), approximately 6,700 square feet of office space, 40-foot clear height, ESFR sprinklers, 185-foot truck courts, 285 trailer stalls and 200 dock-high doors.
CapRock recently delivered nearly 1.1 million square feet of new efficient industrial space to the Inland Empire West submarket with the completion of Palomino Ranch Business Park Phase I and Saddle Ranch South. The two new LEED Silver-certified distribution complexes are strategically located in Norco and provide seamless connectivity to Orange County and major transportation routes.
Home to the largest port complex in the U.S., Southern California serves as a major gateway for international trade and maintains its position as one of the tightest and most critical industrial warehouse markets in the country. As of Q1 2023, demand for industrial real estate remains strong in the Inland Empire, with vacancy at 1.9%, according to Cushman & Wakefield.
CapRock is actively acquiring middle market, value-add industrial assets, typically between $20 million and $100 million per acquisition and land for development opportunities throughout the Western and Central US.
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Gartner, Inc.