Bringing robust development experience to growing submarket, industrial real estate firm plans first ground-up construction project in Texas with new Class A warehouse complex
Dallas – (Sept. 11, 2024) – Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, announces its acquisition of a 32.5-acre site in Sunnyvale, Texas, part of the East Dallas industrial real estate submarket, for the future development of a new Class A industrial park. Marking CapRock’s first Texas development, plans call for three free-standing warehouse buildings totaling approximately 518,000 square feet, which will be named Clay Road Business Park.
The Sunnyvale acquisition is a notable milestone as the firm continues its strategic portfolio expansion in Texas and the Central U.S. CapRock is one of the most active investors and developers in the Western and Central U.S. with a total investment and development pipeline of more than 32 million square feet of industrial real estate since 2009.
“CapRock Partners is delighted to acquire the 32.5-acre land site and begin building high-quality industrial real estate throughout key submarkets in Dallas-Fort Worth,” said Jon Pharris, Co-Founder and President at CapRock Partners. “We are intentionally expanding our footprint in Texas through acquiring and developing the same institutional-level quality assets CapRock is known for in the Western U.S.”
Clay Road Business Park will encompass three shallow-bay buildings with varying depths and sizes to accommodate various tenants. Building features will include 32-foot clear heights, dock-high and ramp loading doors, ESFR sprinklers and trailer parking. The industrial park’s exterior and interior finishes will reflect a high-end corporate feel designed to appeal to quality tenants seeking local, regional and national distribution outreach.
The future industrial park is located about 15 miles east of Downtown Dallas and 35 miles from Dallas-Fort Worth International Airport. The property at 101 Clay Road is easily accessible from Highway 80 via the Collins Road exit. Highway 80 is a key east-west freeway in Dallas connecting downtown to eastern suburbs and playing a vital role in regional logistics and accessibility. Major distribution tenants in the area include FedEx Freight, Lineage Cold Storage, Daltile, Pep Boys, General Dynamic and many others. The submarket has also attracted prominent institutional investors and owners such as Blackstone, Clarion, Exeter, Goldman Sachs, Prologis and others.
“Sunnyvale and the surrounding area continue to experience consistent population increases near 9% year-over-year for the last four years. This growth, paired with the region’s superb accessibility, heightens demand for new, high-quality industrial real estate and modern logistics infrastructure,” said Taylor Starnes, Vice President, Acquisitions at CapRock Partners. “As businesses strive to meet the needs of the growing population, development and expansion of distribution centers are surging, positioning this submarket as a critical hub for logistics and a focal point for real estate investment.”
The projected groundbreaking of Clay Road Business Park is scheduled for 2025 with total project completion intended for 2026.
“CapRock has strategically planned its development timeline to capture tenant demand as DFW’s industrial real estate development pipeline dissipates and supply of warehouse product is absorbed in the coming years,” added Starnes. “We are pleased to bring our high-level development expertise to deliver quality industrial space that will support sustained local and regional economic growth.”
CapRock acquired the 32.5-acre site in an off-market transaction. Terms of the deal are not disclosed. CapRock was able to utilize its strong relationship with JLL’s Dallas industrial leasing team, led by Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King, who represented CapRock in the acquisition.
Earlier in 2024, CapRock announced its acquisition of Peachtree Distribution Center, a 396,750-square-foot Class A industrial building in Mesquite, Texas. The completed development of Clay Road Business Park will take CapRock’s Dallas-Fort Worth industrial portfolio to approximately 1.0 million square feet.
To date, CapRock has a pipeline of approximately 2.0 million square feet of industrial property either acquired, under contract or in the development process across Texas. The firm continues its laser focus on strategic growth and pursuing additional value-add industrial investment and development opportunities throughout Texas.
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 32 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X and Instagram.
Media Contact:
Allison Klingsick for CapRock Partners
aklingsick@sunwestpr.com
903.316.4070
- Institutional Real Estate, Inc., 9/12/24: CapRock Partners acquires site in East Dallas submarket for future industrial development
- Connect CRE, 9/13/24: People & Company News, September 13, 2024
- Commercial Property Executive, 9/16/24: CapRock Plans Dallas-Fort Worth Industrial Park
- REBusiness Online, 9/16/24: CapRock Partners to Develop 518,000 SF Industrial Project in Sunnyvale, Texas
