Leading industrial real estate investor and developer completes construction,
secures tenants at two major industrial developments in Norco, Calif.
NORCO, Calif. – [June 5, 2023] – CapRock Partners, a leading industrial real estate investor, developer and asset manager in the Western U.S., today announced the completion of Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial building complexes strategically located in Norco, Calif. The developments bring new efficient industrial space to a key Southern California location within the Inland Empire West submarket. The completion reflects CapRock’s commitment to creating world-class industrial real estate solutions while supporting local economic growth and prosperity.
“The Inland Empire maintains its position as one of the tightest industrial markets in the U.S., and CapRock is pleased to complete the first phase of Palomino Ranch Business Park as well as Saddle Ranch South, two ideally located best-in-class industrial facilities, to meet the ongoing demand,” said Jon Pharris, co-founder and president at CapRock Partners. “CapRock recognized the long-term potential of the Norco market early on, and the region has shown resilience and continued economic growth. We are grateful for the relationships we’ve established and ongoing collaboration with Norco’s city and community leaders throughout the development process and we look forward to our continued partnership.”
Norco is an important location due to its position near the convergence of Riverside, San Bernardino, and Orange counties, in addition to its seamless transportation connectivity, robust infrastructure, proximity to major ports and airports, favorable business environment and skilled workforce. These factors collectively contribute to the city’s efficiency, cost-effectiveness, and competitiveness for facility operations, attracting businesses seeking to optimize their supply chains and expand their market reach.
Palomino Ranch Business Park Phase I is the first of a three-phase development. At total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering approximately 2 million square feet across 24 buildings on approximately 112 acres. The project’s design reflects Norco’s equestrian background and nickname, “Horsetown U.S.A.” with elements such as wrap-around wooden porches, lantern streetlighting and horseback riding trails.
Located at 1700-1910 Mountain Avenue, Palomino Ranch Business Park is west of the I-15 freeway, between First Street and Second Street. 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 Orange County and nearly any location in the Los Angeles Basin.
Palomino Ranch Business Park Phase I includes eight freestanding industrial buildings totaling approximately 700,000 square feet on 44 acres. Buildings range in size from approximately 57,000 square feet to 160,000 square feet, with 30-foot to 36-foot clear height, and up to 7,000 square feet of office space. The development includes secured and unsecured concrete truck courts, up to 185-foot truck court depth, ESFR sprinklers and ample power up to 4,000 amps.
“CapRock worked closely with Norco’s leaders and community members throughout the development of Palomino Ranch Business Park to create a facility that aligns with the city’s long-term goals and objectives and honors its unique history and equestrian-focused culture,” said Patrick Daniels, co-founder and chief executive officer at CapRock Partners. “We prioritized incorporating those themes into the development while improving the local infrastructure, supporting business expansion and fulfilling tenant requirements. It’s exciting to see the initial phase of the project complete with its first tenants taking occupancy.”
CapRock recently secured a tenant for 67,400 square feet of space at Palomino Ranch Business Park Phase I. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates Commercial Real Estate Services are retained to market Palomino Ranch’s lease availabilities. Palomino Ranch Phase II will consist of nearly 750,000 square feet and Phase II will be approximately 533,000 square feet.
Approximately two miles north of Palomino Ranch Business Park is CapRock’s Saddle Ranch South, a prime Inland Empire infill development consisting of three industrial buildings ranging in size from approximately 100,000 square feet to 155,000 square feet. Designed to be ideally suited for local and regional manufacturing and distribution companies, the project’s buildings feature 32-foot clear height, up to 8,161 square feet of office space, and include fully secured private concrete truck courts. The buildings include 12 to 14 dock-high doors, 130-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. The project also offers excess trailer parking with 27 trailer stalls.
Saddle Ranch South is located at 3000, 3050 and 3100 Horseless Carriage Drive, less than one mile from the I-15 freeway via the Sixth Street exit. The property is adjacent to Saddle Ranch Business Park, a 422,000-square-foot Class A industrial complex that CapRock completed and sold 100% leased in 2021.
CapRock has secured a tenant at Saddle Ranch South’s 119,641-square-foot Building 2 (3050 Horseless Carriage Drive), bringing the project to 32% occupied. Patrick Wood, Cody Clayton, Scott Coyle and Eric Chou with JLL are retained to market Saddle Ranch South’s lease availabilities.
The completion of Palomino Ranch Business Park Phase I and Saddle Ranch South bolster CapRock’s robust development portfolio, which includes approximately 16 million square feet of Class A facilities throughout the Western and Central U.S. that the company recently completed, is currently developing or is about to commence. In 2022, CapRock pledged that all new ground-up development projects it builds in California going forward will meet or exceed LEED certification standards, beginning with Palomino Ranch Business Park.
“CapRock Partners is committed to environmental stewardship and is proud to deliver two LEED Silver-certified facilities simultaneously that help to set a new standard for industrial real estate in Southern California,” added Pharris.
CapRock is actively acquiring middle market, value-add industrial assets, typically between $20 million and $100 million per acquisition and land for development opportunities throughout the Western and Central U.S.
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 $2.7 billion of assets under management or advisement as of December 31, 2022, the company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial 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.
