Firm continues to bolster dynamic Phoenix portfolio with addition of newly completed warehouse facility along key regional logistics corridor
PHOENIX – January 11, 2024 – Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, today announced the acquisition of 5858 W. Lower Buckeye Road, a new 249,844-square-foot Class A industrial building along Phoenix’s Loop 202 freeway. During the acquisition process, CapRock was successful in securing two undisclosed high-quality tenants resulting in the property being 100% pre-leased at the close of escrow. The 13.58-acre property adds to CapRock’s robust portfolio of well-positioned assets in the Phoenix industrial real estate market.
“CapRock is pleased to acquire 5858 W. Lower Buckeye Road, a best-in-class property designed to serve the current and future needs of Phoenix’s expanding economy. The asset is in a preferred infill location for distribution and logistics along Loop 202, an alternative transportation route enhancing connectivity and efficiency in the region.” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “Phoenix’s industrial market continues to perform as an essential link in the Western U.S. supply chain. CapRock Partners is proud to contribute to the growth and success of this vibrant region.”
5858 W. Lower Buckeye Road is an efficient distribution and manufacturing facility. The building features 36-foot clear height, 28 dock-high loading doors, two motorized oversized grade-level loading doors, ESFR sprinklers and heavy power (3,600 amps). The property’s exterior offers a fully secured 245-foot concrete truck court, double row trailer parking for 76 stalls and space for 166 auto stalls.
The property is located at the northeast corner of S. 59th Avenue and W. Lower Buckeye Road, adjacent to Loop 202 North. Positioned at a full-diamond intersection, the property offers direct access to Loop 202 on/off ramps with prime freeway visibility. It is approximately three miles south of the I-10, eight miles to Downtown Phoenix, 12 miles to Phoenix Sky Harbor International Airport, and is within a 45-minute drive to most of the Phoenix MSA.
“5858 W. Lower Buckeye Road represents CapRock Partners’ ongoing investment in the Phoenix industrial market and our commitment to providing best-in-class industrial spaces that support the diverse needs of businesses operating in the area,” said Mike Kent, senior vice president, asset management at CapRock Partners. “CapRock Partners remains committed to fostering economic development in Phoenix and contributing to the thriving logistics ecosystem in the Western U.S.”
At full build-out, CapRock’s Phoenix portfolio will consist of approximately eight million square feet of industrial space. The firm continues to pursue additional opportunities for new development in the MSA.
Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the purchase transaction and leasing of 5858 W. Lower Buckeye Road. The two tenants were represented by Josh Wyss with Cushman & Wakefield and Pat Harlan, James Panczykowski and Kyle Westfall with JLL, respectively.
CapRock’s development portfolio includes approximately 16 million square feet of Class A logistics facilities across Arizona, Nevada and California that the company recently completed, is currently building or is about to commence.
5858 W. Lower Buckeye Road is approximately two miles south on Loop 202 from CapRock’s marquee Phoenix industrial development, CapRock West 202 Logistics, a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million square feet.
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, X and Instagram.
