Firm bolsters portfolio with newly completed warehouse complex in burgeoning Chandler airport business district; continues to execute strategy and expand robust Phoenix presence

CHANDLER, Ariz. – March 19, 2024 – Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced the acquisition of Chandler Airport Business Park, a newly finished 318,683-square-foot Class A industrial asset well-located in Chandler. The property consists of four state-of-the-art freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet and offers convenient access to Phoenix’s Southeast Valley region.

“CapRock is pleased to acquire Chandler Airport Business Park, a property designed to support the strong business growth occurring in and around Chandler’s Airpark Area Business District, which is attracting major corporations serving the Southeast Valley,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “CapRock’s acquisition represents our firm’s strategic approach in increasing its presence in the Phoenix industrial market, which continues to experience robust demand driven by the area’s sustained population and economic growth.”

Chandler Airport Business Park offers modern, energy-efficient design features with ESFR sprinklers, ample power, large secured concrete truck courts, and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include:

• 1900 East Queen Creek Road is approximately 60,402 square feet in size and features 28-foot clear height, 17 dock-high doors, 4 grade-level doors and approximately 2,348 square feet of office space.
• 1950 East Queen Creek Road is approximately 103,639 square feet in size and features 30-foot clear height, 26 dock-high doors, 4 grade-level doors and approximately 2,440 square feet of office space.
• 2800 South Cooper Road is approximately 56,756 square feet in size and features 28-foot clear height, 3 dock-high doors, 2 grade-level doors and approximately 2,544 square feet of office space.
• 2850 South Cooper Road is approximately 97,886 square feet in size and features 30-foot clear height, 26 dock-high doors, 4 grade-level doors and approximately 2,577 square feet of office space.

The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road, adjacent to the south side of Chandler Municipal Airport. It is approximately two miles to Loop 202 SanTan Freeway via Gilbert Road, and less than nine miles to Interstate 10 via Queen Creek Road.

Chandler Airport Business Park is within the Airpark Area Business District, a nine-square-mile employment center built around the Chandler Municipal Airport—one of the busiest general aviation airports in the U.S.—and expected to house more than 25,000 total jobs by 2025. The business park is also within seven miles of Intel Corp.’s Ocotillo campus, which is expected to create more than 3,000 high-paying tech jobs.

“Tenant interest in Chandler Airport Business Park is strong and CapRock looks forward to welcoming quality credit tenants to this location,” added O’Neill. “We are making final interior improvements such as installing warehouse HVAC, dock-high loading packages, and LED lighting throughout the warehouse so we can offer immediate occupancy to future tenants. As an opportunistic firm, CapRock has the unique capability to execute a number of different strategies, and Chandler Airport Business Park exemplifies how our team can employ its vision and capital to deliver best-in-class industrial assets.”

At full build-out, CapRock’s Phoenix portfolio will consist of approximately eight million square feet of industrial space. The firm recently acquired 5858 W. Lower Buckeye Road, which is approximately two miles south on Loop 202 from CapRock’s marquee Phoenix industrial development, CapRock West 202 Logistics, a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million square feet. CapRock continues to pursue additional opportunities for new development and value-add acquisitions in the Valley.

Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the purchase transaction of Chandler Airport Business Park. The team is also leading the asset’s leasing activity.

CapRock’s development portfolio includes approximately 16 million square feet of Class A logistics facilities across Arizona, Nevada, California and Texas that the company recently completed, is currently building or is about to commence.

ABOUT CAPROCK PARTNERS
Founded in 2009 in Newport Beach, Calif., CapRock Partners is a privately owned investor and developer of industrial real estate in the Western and Central United States. With approximately $3 billion of assets under management or advisement as of December 31, 2023, the company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development and middle market value-add assets across the Western and Central U.S. Since inception, its total investment and development pipeline exceeds 30 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X and Instagram.

• CoStar, 3/28/24: CapRock Acquires Newly Built Industrial Park in Chandler, Arizona
• IREI, 3/25/24: Caprock Partners acquires new 318,683-square-foot, class-A industrial business park in Chandler, Ariz.
• Phoenix Business Journal (print), 3/22/24: CapRock Partners Acquires Newly Completed Industrial Park Near East Valley Airport
• OC Register (print, pg. Y6), 3/22/24: Real estate news: McPeek’s Chrysler Dodge Jeep buys Orange property for $8.6 million  (CapRock buys in Arizona submarket)
• OC Register, 3/22/24: Real estate news: McPeek’s Chrysler Dodge Jeep buys Orange property for $8.6 million  (CapRock buys in Arizona submarket)
• RENTV, 3/20/24: CapRock Partners Picks up 319K SF of Industrial Property in Arizona
• Western Real Estate Business (weekly email), 3/21/24: CapRock Partners Buys 318,683 SF Industrial Park in Chandler, Arizona
• REBusiness, 3/20/24: CapRock Partners Buys 318,683 SF Industrial Park in Chandler, Arizona
• Greater Phoenix In Business, 3/19/24:  Real Estate Investor Bolsters Portfolio with Warehouse Complex in Chandler Airport Business District
• AZBEX, 3/19/24: Commercial Real Estate News 03-19-24
• AZ Big Media, 3/19/24: CapRock Partners acquires new Chandler Airport Business Park
• The Real Deal, 3/18/24: CapRock pays $46M for newly built industrial park in Chandler
• Phoenix Business Journal, 3/14/24: CapRock Partners acquires newly completed Chandler industrial park