Leading developer bringing new LEED certified industrial complex designed to support economic growth and positioning to key Southern California logistics location
NORCO, Calif. â€“Â April 6, 2022 â€“Â CapRock Partners is underway on the construction of Phase I of Palomino Ranch, a large-scale, state-of-the-art master-planned industrial warehouse development in Norco, Calif. totaling approximately 2 million square feet across 24 buildings on approximately 112 acres. The initial phase of the Class A project includes eight stand-alone industrial buildings totaling approximately 700,000 square feet on 44 acres.
At total project completion, Palomino Ranch will be the largest industrial real estate development in Norcoâ€™s history. The project will be LEED certified and will feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of Norcoâ€™s equestrian background and nickname, â€œHorsetown U.S.A.â€
â€œCapRock Partners creates world-class logistics facilities, and our team has made a commitment that all new ground-up development projects we build in California will meet or exceed LEED certification standards going forward, and we are excited to initiate this commitment with the commencement of Palomino Ranch,â€ said Patrick Daniels, co-founder and chief executive officer at CapRock Partners. â€œThe landmark development is designed to not only satisfy the needs of a wide range of tenants and industries requiring accessible high-quality warehouse space, but it will also reflect Norcoâ€™s rich local history and character through its equestrian-themed aesthetic.â€
Phase 1 buildings will range from approximately 55,000 square feet to 156,000 square feet, with clear heights from 30 feet to 36 feet. Buildings greater than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power.
â€œThe Inland Empire industrial real estate market is near full-occupancy as retailers and suppliers continue to shift their strategies in todayâ€™s post-pandemic economy,â€ added Daniels. â€œNorco is well-positioned geographically for logistics and transportation in the Inland Empire West submarket, within minutes to Orange County, and Palominoâ€™s Phase I will be coming online at an ideal time to provide needed warehouse space.â€
Located at 1811 Mountain Avenue, Palomino Ranch is west of I-15, accessible via the Second Street exit. The property is approximately two miles north of the 91 Freeway/I-15 interchange and is easily accessible to additional regional transportation routes such as the 71 Freeway, 60 Freeway and I-10, providing quick access to nearly any location in the Los Angeles Basin.
The project is approximately one hour driving distance to Los Angeles International Airport and the ports of Long Beach and Los Angeles. The location is also within one-day truck service to key logistics nodes in Northern Californiaâ€™s Bay Area, Salt Lake City, Las Vegas and Phoenix. Truckers can reach further Western U.S. linkages such as Portland, Ore., Boise, Idaho, Denver and Austin, Texas within three days. Palomino Ranchâ€™s corporate neighbors include FedEx, UP and Amazon, among others.
â€œPalomino Ranch is setting a new high standard for Southern California industrial real estate development, and our team is grateful for the City of Norcoâ€™s partnership in developing a facility that will elevate the cityâ€™s economic position and overall efficiency while supporting employment growth in the area,â€ said Jon Pharris, co-founder and president at CapRock Partners. â€œCapRock is investing Norco, a critical point in the supply chain, and as more national and multinational corporations establish their businesses here, CapRock is pleased to offer a modern LEED certified warehouse complex that allows them to enhance their operations.â€
Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates Commercial Real Estate Services have been retained to market the lease availabilities at the Palomino Ranch. Phase II-A, consisting of nearly 750,000 square feet is planned to begin in 2023 and Phase II-B will be approximately 533,000 square feet.
Palomino Ranch is CapRock â€˜s third ground-up development project in Norco and is one of two projects the firm is currently developing within the city. CapRock is in under construction on Saddle Ranch South, a three-building, 374,000-square-foot industrial complex across 23.8 acres, located less than three blocks north of Palomino Ranch at 3000 â€“ 3100 Horseless Carriage Drive.
In 2021, CapRock completed and sold Saddle Ranch Business Park, a 422,000-square-foot four-building Class A industrial warehouse complex in Norco. The asset was 100% leased to vitamin and nutrition company, Goli Nutrition, before the sale.
CapRockâ€™s portfolio and proven track record include nearly 30 million square feet of industrial real estate assets in Central and Southern California, Las Vegas, Phoenix and Texas. The firm will be under construction on approximately 10 million square feet of industrial space in the next twelve months, inclusive of Palomino Ranch and Saddle Ranch South, and continues to actively pursue new investment opportunities for ground-up development and value-add repositioning in key logistics locations throughout the Southwest U.S. and Texas.
ABOUT CAPROCK PARTNERS
Founded in 2009, Newport Beach, California-based CapRock Partners is a leading private industrial real estate investment and development firms in the Western U.S. 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. CapRock Partners is registered with the U.S. Securities and Exchange Commission. The firm is actively acquiring land for development across the Western U.S. Since inception, its total investment and development pipeline exceeds 25 million square feet of industrial real estate.