CAPROCK PARTNERS SELLS NEW, LARGE-SCALE INDUSTRIAL DEVELOPMENT IN RIALTO, CALIFORNIA
CAPROCK PARTNERS SELLS NEW, LARGE-SCALE INDUSTRIAL DEVELOPMENT IN RIALTO, CALIFORNIA TO NEW YORK LIFE REAL ESTATE INVESTORS
IRVINE and RIALTO, Calif. (May, 2016) — CapRock Partners, a private commercial real estate investment firm based in Orange County, California, today announced that it has sold a large-scale industrial asset in Rialto, California to New York Life Real Estate Investors, the real estate investment arm of NYL Investors, a subsidiary of New York Life Insurance Co (NYSE: NYLIC). Paul Earnhart, Jeff Smith, Brian Pharris, Steve Haston, and Ryan Lal at Lee & Associates were involved in the transaction.
The asset, known as CapRock Distribution Center I, was recently completed by CapRock Partners and is located at the northeast corner of North Locust and West Bohnert Avenues in Rialto. CapRock Partners acquired, entitled and developed the site over a period of 18 months, successfully converting 26.30 net acres of unimproved land and an existing multi-tenant industrial building to a new, 609,888 – square-foot, Class A distribution center. In addition to its high quality, state-of-the-art design and construction, the property boasts direct access to the 210 Freeway, is just minutes to the 10/15 Freeway Interchange and enjoys an amenities-rich location in Rialto.
“Our company has become known for developing large-scale, institutional quality industrial projects that deliver for Fortune 1000 companies,” said Patrick Daniels, Co-Founder and CEO of CapRock Partners. “The successful sale of this asset to New York Life Real Estate Investors, and the disposition of our nearby project to Prologis, firmly cements CapRock Partners as major players in the development of industrial assets for institutional investors in the West.”
CapRock Partners developed the distribution center now owned by New YorkLife Real Estate Investors simultaneously with another, similar project just one mile away (also in Rialto) that encompassed a 428,208-square-foot, high-image industrial building. That asset transacted in a September 2015 sale to Prologis (NYSE: PLD), the world’s leading owner, operator and developer of industrial real estate. Taken together, the projects were the largest industrial developments in Rialto in recent memory, spanning more than 45 acres and one million square feet of development.
“CapRock Partners has the best grasp of the Western U.S. industrial market, especially when it comes to developing for institutional buyers,” says the company’s Co-Founder and President, Jon Pharris. “We’ve been tracking and active in this market for 30 years, and leveraged our experience to entitle, develop and sell these projects – seeing the demand building before it hit the radar of other developers and planning this exit before we broke ground. CapRock Partners continues to expand its influence and success throughout the region.”
About CapRock Partners
Since its founding in 2009, Irvine, California-based CapRock Partners has become one of the fastest-growing private commercial real estate investment firms in the state with a focus on investing in middle market value-add industrial assets throughout California and developing Class A industrial buildings in Southern California. The firm has a pipeline of more than 6,000,000 square feet of Class A industrial development, including more than 1,000,000 square feet completed in 2015 and more than 2,000,000 square feet slated for construction in 2017,with a pipeline and assets totaling more than $750 million at completion.
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