CapRock Partners, a California-based industrial real estate investment and development firm, has sold a 97,000-square-foot industrial warehouse in Commerce, Calif.
CapRock Partners acquired the property in November 2017 in an off-market transaction complementary to the firm’s value-add investment strategy. After a short hold, and strong interest from its long-term tenant, CapRock Partners sold the building and 4.32-acre property to the packaging solutions supplier who has occupied the property for several years, for an undisclosed amount.
“This transaction was a win for both buyer and seller,” said Jon Pharris, co-founder and president, CapRock Partners. “Given that the property is located in arguably the country’s tightest industrial market and has unique amenities such as rail spurs and I-710 Freeway frontage, we were confident we could unlock intrinsic value in the real estate. Thus, after acquiring the asset, our team unearthed an opportunity to provide a mutually beneficial solution to the current tenant.”