3.4-million-square-foot landmark development continues to attract top-tier tenants as Phoenix industrial demand strengthens
PHOENIX – April 7, 2026 – CapRock Partners (“CapRock”), a privately-owned investor and developer of industrial real estate in the Western and Central U.S., has secured a 597,357-square-foot lease across two freestanding warehouse buildings at CapRock West 202 Logistics – Phase 2, further advancing lease-up at Phoenix’s largest speculative industrial development.
The tenant, a global advanced energy storage systems manufacturer, will occupy Buildings F and G, totaling 301,771 and 295,586 square feet, respectively. The transaction brings the 3.4-million-square-foot Class A campus to approximately 82% leased.
“This two-building lease at CapRock West 202 Logistics underscores sustained demand for institutional-quality space in highly connected locations that supports both immediate operations and long-term economic growth,” said Bob O’Neill, executive vice president at CapRock Partners. “Phoenix’s industrial market continues to evolve as reshoring and nearshoring drive demand from advanced manufacturing and logistics users, with a growing emphasis on speed to occupancy, operational efficiency and long-term scalability.”
Designed to serve a range of industrial users, Phase 2 was completed in December 2025. It comprises three warehouse facilities totaling 825,000 square feet on 43 acres in the Southwest Phoenix industrial submarket. Buildings F and G feature 36-foot clear heights, 47 dock-high doors per building, drive-in ramp access, and speculative office suites. Additional features include full-building HVAC, LED lighting, dock equipment and high-performance insulation systems, supporting a wide range of assembly, distribution and climate-controlled operations.
In total, CapRock West 202 Logistics spans 183 acres and represents the first large-scale logistics campus along the Loop 202 South Mountain Freeway. The marquee project is located at the intersection of Interstate 10 and Loop 202, providing direct access to two of the region’s primary transportation corridors. The location enables tenants to bypass the congested I-10/I-17 interchange while maintaining efficient connectivity to Southern California ports, Tucson and the Mexican border. The site also offers access to a deep labor pool, with downtown Phoenix and Phoenix Sky Harbor International Airport within 15 minutes and most of the metro area reachable within 45 minutes.
“Opportunities to deliver large-scale, infill industrial product of this caliber are increasingly rare in Phoenix, particularly as manufacturing and technology-related users expand across the region,” said Payson MacWilliam, vice chairman at Colliers. “CapRock West 202 Logistics offers a unique combination of scale, connectivity and modern specifications that continues to resonate with high-quality tenants.”
Payson MacWilliam, Don MacWilliam, and Casey Koziol of Colliers represented CapRock in the transaction and are leading leasing efforts for the project. Terms of the lease are not disclosed.
“Phoenix is one of the most compelling industrial markets in the country, and CapRock Partners is pleased to welcome another high-quality tenant to CapRock West 202 Logistics,” said Jon Pharris, co-founder and president of CapRock Partners. “We are proud to see the vision for CapRock West 202 Logistics come to fruition and will continue to deliver industrial real estate solutions that serve tenant needs, attract global investment and advance Phoenix as a leading economic center of the Southwest.”
Upon full buildout, CapRock’s Phoenix-area portfolio will consist of approximately 7 million square feet of industrial space. The firm continues to pursue additional development and acquisition opportunities across the region to meet sustained demand.
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. 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 35 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X and Instagram.
