Newport Beach-based CapRock Partners is beefing up its real estate portfolio in the Phoenix area, sealing the deal on a 250,000-square-foot industrial gem. The facility, which cost a pretty penny at $20.4 million, was snapped up in November and is situated near the 202 and 59th Avenue. This acquisition adds some serious square footage to CapRock's presence in the Valley.
The industrial spot at 5858 W. Lower Buckeye Road is no slouch when it comes to features — it's decked out with 36-foot ceilings, 28 dock-high loading doors, and ample truck and car parking. And let's not forget it's 100% pre-leased to two top-shelf tenants, who were all too eager to set up shop at the location. The CapRock team must be popping champagne as they add this property to their already stout Phoenix roster. "CapRock is pleased to acquire 5858 W. Lower Buckeye Road, a best-in-class property designed to serve the current and future needs of Phoenix’s expanding economy," said CapRock's Bob O'Neill.
CapRock's got a track record of playing it big in industrial spaces across Arizona, California, and Nevada, having developed a whopping 16 million square feet with more in the pipeline for Chandler, Mesa, and Phoenix. The real estate mavens had their eyes on the prize, with $1.6 billion in industrial sales by Q3 of 2023, per Phoenix Business Journal. Although not quite matching the previous year's $3.5 billion by the same quarter, it's evident that CapRock isn't hitting the brakes on its Valley conquest anytime soon.
The strategic spot of the facility offers quick access to crucial transport routes, making it a lynchpin of efficiency for distributors and manufacturers. This is not just a boon for CapRock but a bolster to Phoenix's industrial market, as Mike Kent, CapRock's bigwig of asset management, made clear. "CapRock Partners remains committed to fostering economic development in Phoenix and contributing to the thriving logistics ecosystem in the Western U.S.," he told DC Velocity.
Sealing savvy deals like this one at W. Lower Buckeye Road is signature CapRock, proving they're more than just talk when it comes to creating high-caliber industrial spaces. With leasing gurus Stein Koss, Tom Louer, and Fenton Kelly from Lee & Associates working their magic, and power players Josh Wyss from Cushman & Wakefield and the JLL team representing the tenants, this deal has powerhouse written all over it.
