Land adds to firmâ€™s 250,000 square feet of acquisitions in San Diego this year,Â can be built to suit for a variety of industrial needs
NEWPORT BEACH, Calif. â€“ Aug. 13, 2018 â€“ CapRock Partners, a Newport Beach-based industrial real estate investment and development firm, today announced the acquisition of a 26-acre land site in the Sorrento Mesa neighborhood of San Diego. Acquired from a private investor, this site will enable CapRock to provide build-to-suit solutions for industrial tenants or develop several speculative industrial buildings to satisfy pent-up demand in one of San Diegoâ€™s tightest industrial submarkets.Â Â
This transaction follows CapRockâ€™s robust activity in the San Diego area earlier this year with its two recent acquisitions totaling 250,000 square feet. The 91,000-square-foot acquisition of surplus corporate real estate in Scripps Ranch is currently undergoing major renovations, with completion slated for September. CapRock also is nearing completion on the renovation of 158,000 square feet of industrial space in Vista. Both are currently available for tenants.Â
â€œWith a less than 3 percent industrial vacancy rate and diverse economy fueled by the defense, technology, tourism, biotech and telecom sectors as well as the areaâ€™s population growth, San Diegoâ€™s logistics needs are only continuing to grow,â€ said Bob Oâ€™Neill, senior vice president of acquisitions at CapRock Partners. â€œThis site presents a prime opportunity for tenants seeking custom last-mile logistics, manufacturing and other industrial uses, and CapRock will continue to seek additional acquisition opportunities in this high-demand, land constrained market.â€
The site is centrally located on Nancy Ridge Road with convenient access to I-805 and I-15 as well as Carroll Canyon Road, a major arterial. A prime infill location, it sits near the border of Sorrento Valley and Miramar in close proximity to Qualcommâ€™s headquarters, ThermoFisher Scientific and a FedEx distribution center.
â€œCapRockâ€™s entrepreneurial approach to the development process, from entitlement and construction to property and asset management, will enable us to provide creative solutions for site optimization,â€ added Jonathan Pharris, president of CapRock Partners.
Mike Erwin, Tucker Hohenstein and Evan McDonald of Colliers International served as brokers on the acquisition.
In addition to San Diego, CapRock Partners is actively acquiring land for development and value-add industrial buildings throughout the Orange County, Los Angeles, Las Vegas, Northern California and Phoenix markets.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, California-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms with a focus on middle-market, value-add industrial assets throughout the West, and Class A industrial buildings in California. The firm has acquired, developed or has in its pipeline approximately 11 million square feet of industrial real estate to-date totaling more than $1.5 billion. CapRock is currently under construction on approximately 1 million square feet of Class A industrial buildings. It is projecting to commence construction on an additional 3 million square feet by year-end. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.