NEWPORT BEACH, Calif., May 18, 2020 (GLOBE NEWSWIRE) –Â CapRock Partners, one of the fastest-growing private industrial investment and development firms focused solely on the Western U.S., today announced a first and subsequent second closing of CapRock Partners Industrial Value-Add Fund III, totaling more than $180 million of committed capital in the fund and co-investment vehicles. The firmâ€™s fifth fund overall and the third in its industrial value-add series, CapRock Partners Industrial Value-Add Fund III includes commitments from institutional investors, pension funds and family offices.
â€œValue-add industrial is the heart of CapRock Partners,â€ said Jon Pharris, co-founder and president of CapRock Partners. â€œItâ€™s our roots and we leverage our deep experience and longstanding industry relationships to access a robust pipeline of value-add investments that generate proven financial results for our investors and strategic partners year after year.â€
CapRock Partners Industrial Value-Add Fund III will focus on the acquisition of middle market, value-add industrial properties, typically between $20 million to $50 million per acquisition, across California, Nevada and Arizona. These submarkets are consistent with CapRock Partnersâ€™ core investment strategy focused on West Coast port markets, which are leading gateways to trade between the U.S. and Asia, and other adjacent high-growth major metropolitan areas that reap the economic benefits of these ports. The fund was seeded with several pre-specified value-add industrial assets totaling more than 1.1 million square feet.Â Even with this high-quality initial portfolio, the fund still has approximately 90% of the commitments available for investment, leaving CapRock Partners with most of the fundâ€™s capital to deploy in what may become more of a buyerâ€™s market.
â€œE-commerce has exploded in the last decade, driving strong demand for industrial and logistics; the COVID-19 pandemic has only fueled the online shopping category exponentially,â€ Pharris added. â€œFor this and other reasons, we anticipate continued demand for industrial in key Southwest markets and we stand at the ready with discretionary capital to selectively acquire value-add properties and execute our proven formula to unlock value.â€
In addition to its focus on middle-market, value-add industrial assets, CapRock Partners also is one of the most active developers of large-scale institutional-quality, Class A industrial warehouse facilities across the Western U.S. In 2020, CapRock will be under construction on multiple 1-million-square-foot, Class A industrial projects, including Colony Commerce Center in Ontario, Calif. on behalf of Ivanhoe Cambridge. Colony Commerce Center is one of the largest spec industrial projects under construction in the nation. CapRock Partners has acquired, developed,Â entitledÂ or provided asset management services on more than 20 million square feet of industrial properties valued at nearly $2.4 billion at full build, including assets and properties in its current pipeline.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, Calif.-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms in the Western U.S. The company focuses on middle-market, value-add industrial assets and developing large-scale institutional-quality, Class A industrial warehouse facilities in key locations, serving the needs of corporate America. CapRock Partners is registered with the U.S. Securities and Exchange Commission. The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Arizona. For more information, visitÂ www.caprock-partners.com. Follow the company onÂ Facebook,Â LinkedIn,Â TwitterÂ andÂ Instagram.