- Since onset of coronavirus pandemic, industrial real estate developer, investor more than doubled its workforce, opened two new offices to support growth
- The firm announced this month the final close of its oversubscribed CapRock Partners Value-Add Fund III at its hard cap of $250 million, in addition to the first close of its build-to-core vehicle
- CapRock Partners closes 2020 with more than $1.8 billion in assets under management or advisement
Newport Beach, Calif.â€“ February 8, 2021 â€“ CapRock Partners, a leading private industrial investment and development firm in the Western U.S., today announced that it has recorded significant levels of transaction activity since the onset of the pandemic, acquiring, leasing and selling nearly 10 million square feet of industrial real estate.
The firm also opened two new offices in Phoenix and Northern California and welcomed 26 new employees across its organization. The new hires bolster the firmâ€™s acquisition, development, accounting and finance, asset and property management teams. Inclusive of its new headcount, CapRock Partners also welcomed five new commercial real estate veterans to its leadership:
- Andrea Arcilla, vice president of development, brings over 17 years of experience managing various development projects and has successfully entitled and developed over 20 million square feet of industrial product.
- Rosendo Solis, vice president of development, boasts 10 years of experience with a strong background in engineering and construction. He has worked on the development of over 2 million square feet of industrial product across Southern California and the Inland Empire.
- Scott Hay, vice president of portfolio management, oversees a 1.9-million-square-foot, multitenant industrial portfolio spanning California and Arizona. Over his 17-year real estate career, he has contributed to over $1.1 billion in commercial real estate transactions, including acquisitions, dispositions and mortgage financings.
- Steve Hamel, director of property management, oversees property management initiatives related to general operations, team training and business development. Through his 18-year career in commercial real estate, he has earned myriad industry recognitions, including BOMA TOBY awards and NAIOPâ€™s Industry Leader Spotlight.
- Allyson Chwatko, director of leasing, manages an approximately 1.9-million-square-foot portfolio consisting of five multitenant assets in the Phoenix, Southern and Northern California markets. She brings approximately 15 years of experience in leasing and marketing multitenant office buildings across Southern California and New Jersey.
â€œWhen we started the company in 2009, CEO and Co-Founder Patrick Daniels and I set out to build an entrepreneurial company backed by a curated team of industrial real estate experts and become one of the premier investors, developers and managers of industrial real estate in the Western U.S.,â€ said Jon Pharris, president of CapRock Partners. â€œOur personnel growth in 2020 and our robust deal flow are the result of our teamâ€™s entrepreneurial attitude and vision as we continue to solidify our reputation as a leading investment manager for industrial assets in the Western U.S.â€
In a nine-month period, CapRock Partners signed 10 leases adding up to over 5.3 million square feet, acquired eight properties and land sites totaling 4,229,131 million square feet and sold two properties amounting to 196,534 square feet. In addition, CapRock Partners was charged by an institutional investor with managing a 1.9-million-square-foot industrial real estate portfolio comprising six assets across four markets. These transactions bring the companyâ€™s total investment, development and asset management pipeline to more than 25 million total square feet since inception.
â€œDespite the challenges created by COVID-19, the industrial sector remains strong due to surging e-commerce demands across the nation,â€ said Nicholas Ilagan, senior vice president, asset management, of CapRock Partners. â€œThe scale of our transaction volume since the pandemic hit, along with our transaction activity, proves the resilience of the industrial market.â€
Development and Fundraising Momentum
In 2020, CapRock completed construction on more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire. This includes Colony Commerce Center in Ontario, California, a 3-million-square-foot logistics complex that CapRock Partners entitled and developed on behalf of global real estate investor IvanhoÃ© Cambridge. Since March 2020, the firm also started construction on an additional 2.8 million square feet and successfully entitled over three million square feet in multiple projects across the Inland Empire, bringing its total number of square feet either recently constructed or currently under construction to approximately 8 million square feet, with more than another 7 million square feet slated to commence construction in 2021.
CapRock Partners also successfully closed its third value-add investment fund, which focuses solely on the acquisition of middle market, value-add industrial properties, generally valued between $20 million to $50 million across the Western U.S. The fund was oversubscribed at its hard cap of $250 million and CapRock will be looking to acquire upwards of $1 billion of industrial assets in this vehicle and associated co-investment vehicles.
CapRock also successfully closed an initial fund as part of its efforts to grow its build-to-core platform in the first half of 2021. CapRock already has more than $1 billion in seed investments earmarked for this platform, which will focus on large-scale logistics development throughout the Western U.S. CapRock already controls more than 9 million square feet of industrial development and it is anticipated that this venture will comprise more than 12 million square feet of industrial product across the Western U.S.
ABOUT CAPROCK PARTNERS
Founded in 2009, Newport Beach, California-based CapRock Partners is one of the 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. Follow the company on Facebook, LinkedIn, Twitter and Instagram.