Acquisition of newly completed Mesa warehouse complex marks firm’s expansion into new submarket, bolstering its established Phoenix portfolio; transaction reflects ongoing regional economic growth and industrial demand
MESA, Ariz. – May 28, 2024 – Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced its acquisition of Longbow Industrial Park, a new two-building Class A industrial complex totaling 244,286 square feet in Mesa. CapRock acquired the 14.5-acre property from a private investor as the firm continues to grow its portfolio within the Phoenix industrial real estate market.
“CapRock Partners is excited to broaden its presence in the Phoenix area with the addition of Longbow Industrial Park, a best-in-class industrial property in Mesa’s Falcon Field submarket,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “Phoenix continues to experience economic and population growth, attracting leading corporations in the technology sector. As the region welcomes these businesses, CapRock is strategically investing, securing opportunities that enhance its position and provide returns for our institutional investors.”
Longbow Industrial Park is an efficient distribution and manufacturing facility. Both individual buildings feature 30-foot clear height, 2,400 square feet of speculative office space, warehouse HVAC and LED lighting, dock packages on one-third of the dock high doors, ESFR sprinklers, ample power, and a fully secured 182-foot concrete truck court. Building 1 is 129,165 square feet in size (divisible to 30,031 square feet) and includes 36 dock-high doors and four motorized grade-level doors. Building 2 is 115,121 square feet in size (divisible to 26,291 square feet) and includes 34 dock-high doors and four motorized grade-level doors. The property also includes a large wrap around parking lot with 320 auto stalls.
Longbow Industrial Park is located at the northwest corner of McDowell Road and 58th Circle, less than one mile south of Loop 202. The property offers convenient access to Loop 202 on/off ramps and regional transportation routes such as U.S. 60, Loop 101 and I-10. The property is approximately 18 miles (or 25 minutes driving) to Phoenix Sky Harbor International Airport and is within a 45-minute drive to most of the Phoenix MSA. The Boeing Company’s AH-64 Apache helicopter production facility is within a block of the property.
“The Valley’s ongoing economic expansion supports the need for new, high-quality industrial development, particularly around the technology and semiconductor industries,” said O’Neill. “Already home to Boeing, Amazon, Google, Apple and others, Mesa offers a unique mix of residential and commercial uses, a diverse population and workforce, and access to regional transportation. Longbow Industrial Park is well-positioned to help the city advance into its next modern era by providing a new state-of-the-art space for growing businesses.”
Stein Koss, Tom Louer, Marc Pierce and Fenton Kelly at Lee & Associates represented CapRock Partners in the purchase transaction and is leading the project’s leasing activity.
“CapRock is currently negotiating leases and generating interest from potential tenants who are drawn to the property’s location, modern design and high functionality,” O’Neill added.
At full build-out, CapRock’s current Phoenix regional portfolio will consist of approximately eight million square feet of industrial space. The firm recently announced its acquisition of Chandler Airport Business Park, a newly finished 318,683-square-foot Class A industrial asset in nearby Chandler.
CapRock’s marquee Phoenix industrial development is CapRock West 202 Logistics, a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million square feet at completion. The development’s first phase, consisting of 2.5 million square feet across five buildings, is complete and actively leasing. CapRock continues to pursue additional opportunities for new development within the Phoenix MSA.
CapRock’s total development portfolio includes approximately 16 million square feet of Class A logistics facilities across Arizona, California, Nevada 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. 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.
