Highly visible industrial property supports demand for small-box industrial product in Southern California
Newport Beach and Corona, Calif. – March 11, 2018 – CapRock Partners, a California-based industrial real estate investment and development firm, today announced the completion and sale of Temescal Valley Commerce Center, a new 140,000-square-foot Class A industrial building in Corona, Calif. Brothers International Deserts, Inc., a Southern California-based ice cream manufacturer, purchased the property for an undisclosed amount. The completion of Temescal Valley Commerce Center solidifies a trifecta of strategic small-box industrial developments in Southern California’s Inland Empire market for CapRock Partners, with two additional properties in Norco and Jurupa Valley slated for delivery by end of 2019. Collectively, the three regional properties will generate eight small-box industrial buildings totaling nearly 900,000 square feet.
Temescal Valley Commerce Center sits on 9.42 acres along I-15 near the Weirick Road off-ramp. The property is uniquely perched above the freeway, where an estimated 160,000 vehicles pass by each day, providing visibility and marketing exposure for the building’s tenant.
8.5 miles from the I-15 and SR 91 interchange, the property is located along prime transportation routes, providing efficient access to Orange County and the ports of Los Angeles and Long Beach, in addition to nearby rail and air transportation.
“2018 was a landmark year for industrial real estate in Southern California’s Inland Empire, and Temescal Valley Commerce Center is located in the epicenter of the land-constrained submarket,” said Nicholas Ilagan, vice president, asset management, CapRock Partners. “With vacancy rates at an all-time low, our team worked tirelessly to deliver a world-class industrial facility within a short timeframe to meet the high demand for warehouse space.”
As an industrial warehouse under 140,000 square feet, Temescal Valley Commerce Center is designed to meet the needs of last-mile ecommerce users. The 32-foot clear height structure includes 11 high-dock doors, two ground level doors, eight excess trailer parking stalls, office suites and 90 parking spaces. It has immediate access to the Dos Lagos on/off ramp and a private queuing lane to enable vehicles to quickly move through the property.
“Temescal Valley Commerce Center is consistent with CapRock’s last-mile logistics strategy,” added Jon Pharris, co-founder and president at CapRock Partners. “The property’s Corona location along I-15 provides excellent access to key Southern California distribution nodes, in addition to Orange County, which our team recognized as a potential draw for businesses looking for value alternatives from the more expensive coastal submarkets.”
On the heels of Temescal Valley Commerce Center’s completion, Serrano Business Park in Jurupa Valley, comprised of three buildings totaling 327,000 square feet, is scheduled for delivery next month. Saddle Ranch Business Center in Norco also will deliver four buildings totaling 425,000 in summer of 2019. The three complementary Inland Empire properties offer myriad building sizes and regional transportation focuses to cater to tenants from San Gabriel Valley, City of Industry and the Inland Empire. CapRock Partners also has an additional two to three million square feet of logistics development construction slated to commence in the next 18 months in Southern California and Nevada.
Fullmer Construction provided general contracting services for Temescal Valley Commerce Center. The property was listed by Austin Hill, Jeff Ruscigno and Jeff Smith at Lee & Associates.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, California-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms with a focus on middle-market, value-add industrial assets throughout the West, and Class A industrial buildings in California. As of Jan. 2019, CapRock Partners has been registered with the U.S. Securities and Exchange Commission, a designation that enables the firm to grow its assets under management throughout continued work with high-net-worth and institutional investors.
The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Phoenix. To date, CapRock Partners has acquired, developed or has in its pipeline approximately 12 million square feet of industrial real estate totaling more than $1.6 billion. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.