Firm bolsters value-add portfolio with strategic Los Angeles infill industrial acquisition; employs leasing and management expertise at multi-tenant property
CITY OF INDUSTRY, CALIF. – July 28, 2023 – Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced its acquisition of Valley Center Business Park, a 6.47-acre multi-tenant industrial complex in the City of Industry. The asset includes approximately 92,366 square feet of industrial warehouse space across six existing buildings.
Built in 1977, Valley Center Business Park was approximately 85% leased at the time of acquisition. CapRock will begin capital improvements immediately to enhance the property’s functionality and marketability. The firm purchased the property from a private owner in an off-market transaction. Terms of the deal are not disclosed.
“Valley Center Business Park is an excellent addition to CapRock’s Southern California portfolio. The property is in an A+ industrial location within the heart of the San Gabriel Valley industrial market and ideally positioned for value-add investment,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “As we begin work to improve the property’s aesthetic and performance, our team continues to seek and secure more off-market deals such as this, that allow us to execute CapRock’s proven value-add strategy and create value for our investors.”
Valley Center Business Park includes 42 units ranging in size from approximately 792 square feet up to 6,238 square feet, averaging approximately 2,500 square feet. The property features frontage on Valley Boulevard, small office space in each unit, 29 grade-level doors, 174 parking spaces, and approximately 14 to 16 feet clear heights.
“With nearly 40 tenants occupying Valley Center Business Park, CapRock is employing its well-staffed and experienced team to effectively manage and improve the property while providing excellent customer service to our tenants,” said Mike Kent, senior vice president of asset management at CapRock Partners.
Located at 14404-14436 E. Valley Boulevard and 100-190 S. Sixth Avenue, the property is strategically positioned near major transportation routes, including freeways and rail lines, making it an ideal hub for distribution and logistics. It is easily accessible to the I-10, I-605 and SR-60 freeways.
The City of Industry plays a significant role in the San Gabriel Valley economy. Offering a business-friendly environment, it is home to over 3,000 businesses and corporations, including numerous Fortune 500 companies. The city’s economy revolves around manufacturing, logistics, warehousing, and various other industries associated with the nearby ports of Los Angeles and Long Beach. Some other prominent sectors include automotive parts, electronics, food processing, textiles, and construction materials.
“CapRock Partners is excited to have acquired Valley Center Business Park and be able to leverage our team’s creative and entrepreneurial approach to offer the regional and local business community an updated and efficient industrial facility,” added Kent.
Steve Shatafian with Lee & Associates represented CapRock in the purchase transaction and has been retained to market and lease Valley Center Business Park’s available space.
The Valley Center Business Park acquisition adds to CapRock’s robust portfolio, which totals more than 17 million square feet. The firm continues to actively pursue middle market, value-add industrial assets, typically between $20 million and $100 million per acquisition, in addition to land for development throughout the Western and Central U.S.
CapRock recently acquired Olive Tree Industrial, a 3.1-acre value-add industrial outdoor storage (IOS) property in Pico Rivera, Calif. It is also underway in redeveloping West Valley Logistics Center, a new Class A 270,000-square-foot industrial warehouse on 12.5 acres in Pomona, Calif.
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 $2.9 billion of assets under management or advisement as of June 30, 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, Twitter and Instagram.