New LEED-certified industrial complex attracts tenants requiring modern, efficient industrial space with accessibility to surrounding counties

NORCO, Calif. – June 10, 2025 – Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners (“CapRock”), today announced that it has secured four new leases at Palomino Ranch Business Park, a state-of-the-art Class A industrial development in Norco.

The leases represent a key milestone for the industrial business park and highlight the ongoing demand for modern, energy-efficient warehouse space with convenient access to Southern California’s major transportation corridors and population centers.

“Norco’s strategic location at the crossroads of major counties with direct access to key transportation routes makes it an ideal home for forward-thinking businesses,” said Monique Snowden, vice president, asset management, at CapRock Partners. “Palomino Ranch Business Park is thoughtfully designed to meet the needs of today’s industrial users and enhance the surrounding community. We are pleased to welcome four dynamic enterprises to this newly finished complex as we continue to focus on delivering best-in-class facilities and providing dedicated service that empowers our tenants to thrive.”

At completion, Palomino Ranch Business Park will be the largest industrial development in Norco’s history. The masterplan will total approximately 2 million square feet across 24 buildings on roughly 112 acres. The first phase is complete and consists of eight stand-alone industrial buildings totaling approximately 700,000 square feet on 44 acres, with buildings ranging in size from 57,000 to 159,000 square feet and clear heights between 30 and 36 feet. The total project entails three phases. The second and third phases have yet to commence construction.

The four new tenants at Palomino Ranch Business Park have leased Buildings 8, 15, 17 and 18. Completed in 2023 as part of Phase 1, these buildings each feature five dock-high doors, ESFR sprinklers, 1600 amps of power, and a secured concrete truck court.

• Building 8, located at 1860 Mountain Avenue, is 72,245 square feet in size with a 32-foot clear height. It is leased to a wholesale warehousing and reverse-logistics user.
• Building 15, located at 1810 Mountain Avenue, is 64,631 square feet in size with a 32-foot clear height. It is leased to a warehousing and distributer of popular consumer collectibles.
• Building 17, located at 1910 Mountain Avenue, is 68,266 square feet in size with a 30-foot clear height. It is leased to a publicly traded international third party-logistics user.
• Building 18, located at 1900 Mountain Avenue, is 57,073 square feet in size with a 30-foot clear height. It is leased to a producer and distributor of consumer-grade solar products.

The project is LEED Silver certified and integrates architectural design elements that honor Norco’s equestrian heritage, including wrap-around wooden porches, perimeter horse trails, and lantern streetlighting, reflecting the city’s slogan: “Horsetown U.S.A.”

“Palomino Ranch Business Park showcases CapRock’s commitment to building high-performance industrial spaces that drive economic growth and innovation,” said Jon Pharris, co-founder and president of CapRock Partners. “This modern warehouse complex reflects our long-term vision to create future-ready logistics hubs that bolster regional supply chains and support business expansion. We look forward to welcoming our next tenants to this prime location in Norco.”

Strategically located west of Interstate 15 and accessible via the Second Street exit, Palomino Ranch Business Park offers fluid connectivity to regional and national logistics corridors. It is approximately two miles north of the 91 Freeway/I-15 interchange and provides convenient access to the 71, 60, and I-10 freeways. The project is within an hour’s drive to Los Angeles International Airport and the ports of Los Angeles and Long Beach, and is within one-day truck service to the Bay Area, Las Vegas, Phoenix, and Salt Lake City.

“Infill locations across Inland Empire West are gaining momentum as tenants prioritize access to urban infrastructure, labor and key transportation routes,” added Snowden. “Even as the broader market continues to adjust, we’re seeing strong interest in highly functional, well-located space. The near-full lease-up of Palomino Ranch Business Park exhibits this demand, as well as CapRock’s ability to deliver tailored, tenant-driven solutions in a shifting market.”

CapRock was represented in the four lease transactions by Ryan Earnhart, Jeff Ruscigno, Brian Pharris, Paul Earnhart, Jeff Smith and Austin Hill of Lee & Associates Commercial Real Estate Services. The tenant representatives are as follows:

• Building 8: John Seoane at Lee & Associates – Ontario
• Building 15: Sean Sullivan and Christian Emerson at Voit Real Estate Services
• Building 17: Angel Zhou at Harvest Realty Development Inc.
• Building 18: Connor Panting and James Panting at Commercial Realty Advisors Inc.

Palomino Ranch Business Park is CapRock’s third ground-up development project in Norco. The firm also developed Saddle Ranch South, a three-building, 374,000-square-foot industrial complex located a few blocks north of Palomino Ranch, and Saddle Ranch Business Park, a 422,000-square-foot four-building Class A warehouse complex.

CapRock continues to actively pursue new opportunities for ground-up development and value-add repositioning across the Western U.S. and Texas.

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 33 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X and Instagram.