Firm ahead of schedule in delivering next phase of 5-million-square-foot LEED-certified industrial masterplan supporting sustained Central Valley economic growth
VISALIA, CALIF. – January 18, 2024 – CapRock Partners, a leading Western and Central U.S. industrial real estate investor, developer and asset manager, announces the completion of a significant development milestone at CapRock Central Point III in Visalia. Building 1, the first phase of a 2.7-million-square-foot, four-building speculative industrial complex, has completed the tilting of the building’s concrete panel walls, forming its exterior structural shape and marking an exciting point in the project’s construction.
Moving ahead of its original development timeline, Building 1 is now slated for completion in summer 2024. The 1,270,750-square-foot Class A logistics and distribution facility encompasses approximately 75 acres within CapRock Central Point III, which is a part of CapRock’s larger 5-million-square-foot Central Point masterplan.
“Building 1’s concrete walls are now tilted and the roof structure started, revealing the true magnitude and scale of CapRock Central Point III, and signifying Visalia’s rising importance as a critical distribution and logistics hub in the West,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “Designed to serve Fortune 100 corporations seeking a state-of-the-art industrial complex accessible to a large percentage of the West Coast’s population, CapRock Central Point III is drawing interest from leaders in logistics as well as food processing and manufacturing.”
Visalia’s increasingly essential role in California’s industrial warehouse market and the broader U.S. logistics supply chain is drawing prominent corporations looking to benefit from the city’s unmatched connectivity, abundant land at relatively lower real estate costs, and robust supply of educated workers. UPS, Amazon, Ace Hardware, Smuckers, VF Corporation, FedEx, and International Paper, and others, have already established locations within Visalia’s industrial area.
“Visalia is grateful for the investment that CapRock has made in our community,” said Mayor Brian Poochigian at the City of Visalia. “CapRock has done big projects and Building 1 at Central Point III is another success in the making. Our city’s location gives us a logistical advantage when it comes to connectivity. That, coupled with our business-friendly environment and growing industrial park, makes Visalia ideal for projects like this.”
Building 1, located at 4001 N. Plaza Drive, is easily accessible to major Central Valley transportation including air, rail and highways, including State Route 99, which runs through the Central Valley and connects to major interstates I-5 and I-80. CapRock Central Point III’s position will allow its future tenants to reach over 50 million customers with one-day ground shipping, making it one of the only locations in the U.S. capable of reaching as large of a population base within the short timeframe.
At completion, Building 1 will feature 40-foot clear height, 274 dock-high doors and two ground-level doors. The cross-dock building will include approximately 6,600 square feet of office space, ample power, ESFR sprinklers and 890 auto parking stalls. With a fully secured fenced yard, the property will provide drive-around access, a truck court depths of 185 feet, dedicated truck circulation and 542 excess trailer parking stalls.
“CapRock Partners is an experienced developer and builder of large-scale industrial warehouse facilities,” said Mike Fowler, executive managing director at JLL. “The firm’s talented team is bringing its capabilities and expertise to deliver a world-class complex that will improve the overall efficiency of the U.S. supply chain, serve leading corporations and provide local employment and economic opportunities for Visalia and the Central Valley.”
Fowler and his partners at JLL, Mike McCrary and Mac Hewett are leading the leasing efforts for CapRock Central Point III.
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.
