CapRock Partners Transacts 10 MSF of Industrial Real Estate, Opens Two Offices During 2020
NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm.
CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets.
These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009.
On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire.
This brings CapRock’s total either recently constructed or under construction to approximately 8 million square feet, with another 7 million square feet of new construction slated to begin in 2021.
The firm also opened two offices in Phoenix and Northern California and added 26 employees across its organization. CapRock welcomed five commercial real estate veterans to its leadership team: Andrea Arcilla and Rosendo Solis as vice presidents of development; Scott Hay as vice president of portfolio management; Steve Hamel as director of property management; and Allyson Chwatko as director of leasing.
Finally, the company also closed an initial fund as part of its efforts to grow its build-to-core platform in the first half of 2021. The company already has more than $1 billion in seed investments earmarked for this platform, which will focus on large-scale logistics development throughout the Western United States. CapRock already controls more than 9 million square feet of industrial development and it is anticipated that his venture will comprise more than 12 million square feet of industrial product across the West.