CAPROCK PARTNERS ACQUIRES TWO GARDEN GROVE INDUSTRIAL ASSETS IN COMPETITIVE OFF-MARKET TRANSACTION
IRVINE, Calif. (July 25, 2016) — CapRock Partners, a leading private commercial real estate investment firm based in Orange County, California, today announced it has purchased two
industrial properties in Garden Grove. The assets, located at 7180 Lampson Avenue and 12570 Industry Street, occupy one parcel and total 76,888 square feet. CapRock Partners acquired the
holdings for $9.43 million from an unidentified local investor. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller in the
CapRock Partners plans to leverage its firm’s expertise in value-add redevelopment to completely refurbish both the occupied 39,200 square-foot building on Lampson Avenue and the
vacant 37,688 square-foot property on Industry Street.
“Our team responded quickly to this opportunity, leveraging our best-in-class market expertise and relationships with the city to take decisive action and close the deal in competitive, offmarket bidding,” said Taylor Arnett, Acquisitions Manager for CapRock Partners. “At 51 percent occupancy in an industrial market that is less than one percent vacant, these assets are
perfectly positioned for CapRock to apply our experience in adding value through redevelopment and repositioning.”
“Due to the lack of available opportunities, there was a significant amount of interest from the investment community, which resulted in more than 15 tours and 10 offers,” said CBRE’s Steve Young. “CapRock Partners was well prepared and coordinated seamlessly with the businessfriendly City of Garden Grove. The result was a mutually beneficial transaction for both parties.”
The industrial vacancy rate in Orange County continued to fall, ending the second quarter at 1.6 percent, according to CBRE research. West Orange County in particular is the tightest market in the county with a historically low vacancy rate of 0.8 percent. Due to the limited supply, offmarket deals are becoming more common each quarter, according to CBRE.
“The Garden Grove transaction is a perfect fit for our team and portfolio,” said Jon Pharris, CapRock Partners co-founder and president. “Our company continues to seek opportunities to
flex its considerable investment, development and repositioning muscle throughout Southern California.”
About CapRock Partners
Since its founding in 2009, Irvine, California-based CapRock Partners has become one of the fastest-growing private commercial real estate investment firms in the state with a focus on investing in middle market value-add industrial assets throughout California and developing Class A industrial buildings in Southern California. The firm has a pipeline of more than 6,000,000 square feet of Class A industrial development, including more than 1,000,000 square feet completed in 2015 and more than 2,000,000 square feet slated for construction in 2017,with a pipeline and assets totaling more than $750 million at completion.
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