BY MICHAEL AUSHENKER DECEMBER 12, 2022
CapRock Partners has received $50 million in construction financing for the development of 4200 W. Valley Blvd., a 269,740-square-foot industrial warehouse in Pomona. Jones Lang LaSalle Inc.’s Greg Brown, Peter Thompson and Sam Godfrey secured the non-recourse construction loan.
Once construction is completed, the Pomona warehouse will feature 40-foot clear heights, 28 dock-high doors, two grade-level doors, 129 car spaces and 46 trailer stalls.
The structure is located on a 12.5-acre site positioned approximately two miles from the 60 and 57 junction providing convenient access to Los Angeles, the Inland Empire and Orange County. The warehouse is close to the City of Industry Intermodal Facility, which is seven miles away; and the Ontario International Airport, which is 15 miles away. The industrial building will also be relatively close to the Port of Long Beach and the Port of Los Angeles, each roughly 45 miles away.
According to JLL’s Los Angeles Industrial Insight report for the third quarter, the market’s lack of supply and increased demand have driven total vacancy for the Los Angeles industrial region to 0.8%, with year-to-date rental growth reaching 23.6%. This warehouse development signifies one of the few new last-mile development projects delivered in Los Angeles County.
“Despite the limited liquidity in the bank markets, we were pleased to have identified multiple non-recourse loan options and ultimately source a new lending relationship on behalf of our client,” JLL’s Brown said in a statement.
According to its website, Newport Beach-based CapRock Partners has $2.6 billion in assets under management or advisement and 30 million square feet of land acquired, developed and entitled. Among its many industrial projects, the company has a 183-acre, eight-building speculative industrial project under construction in Phoenix.
Closer to home, the firm broke ground in April on an industrial master plan comprised of 24 buildings on 112 acres in Norco.