Firm taps into market expertise, experience to create a modern facility in supply-constrained market
Newport Beach and Vista, Calif. – July 31, 2019 – CapRock Partners, a California-based industrial real estate investment and development firm celebrating its 10-year anniversary in 2019, today announced the sale of 1395 Park Center Drive, a 155,069-square-foot freestanding industrial business center in Vista, Calif., to an institutional investor. CapRock Partners acquired the property in January 2018 from owner-user Vista Industrial Products as a strategic addition to its value-add portfolio.
Upon acquiring 1395 Park Center Drive, CapRock initiated a comprehensive improvement plan to enhance the property’s aesthetic and functionality, and promptly leased 100% of the asset to ShipCalm, a third-party logistics and fulfillment service company.
“San Diego is one of the most sought-after industrial markets in the nation with vacancies at 4 to 5%,” said Nicholas Ilagan, vice president of asset management at CapRock Partners. “Surrounded by a strong employment base, we created a facility that provides a pleasing work environment and reflects the high quality of life in San Diego, making it a magnet for local and out-of-state tenants.”
CapRock Partners reimagined 1395 Park Center Drive to include a multi-tenant demising floor plan to appeal to a variety of users. The renovations began with the warehouse demolition of the prior user’s manufacturing operations and removing demising walls throughout the warehouse, which opened up the building’s interior. CapRock then brought the building to a move-in ready condition for a new distribution, manufacturing or flex user by making improvements that included the removal of full height walls, several rooms and offices, electrical panels and other miscellaneous structures. New carpet was installed in the office areas and new paint was applied throughout the interior and exterior of the building. CapRock topped off the project with an overhaul of the property’s surrounding landscape to increase curb appeal given the frontage at one of the busiest intersections in Vista.
The two-story structure includes 20,000 square feet of office space, four dock-high and eight grade-level loading doors, 26-foot clear height, 56 by 48-foot column spacing, and a foam roof with skylights. The 7.91-acre property is equipped with heavy power capacity (4,000a, 277/480v), and includes a fenced and secured yard, two 100% concrete driveways, drive-around truck access, in addition to 323 parking spaces.
1395 Park Center Drive is within minutes to key transportation routes I-15 and I-5, making it accessible to Orange County, Downtown San Diego and the U.S.-Mexico border. The property also is within a five-minute drive to the McClellan-Palomar Airport.
CapRock Partners acquired several assets in San Diego County in 2018, including a 26-acre industrial site in the Sorrento Mesa area. Earlier this year, the company completed the repositioning of its Old Grove asset, an 86,000-square-foot freestanding industrial property in Scripps Ranch and is in escrow to acquire another 220,000-square-foot industrial building in San Diego later this quarter.
Smith and Severson Builders provided general contracting services for the renovation. Tucker Hohenstein and Mike Irwin at Colliers International represented CapRock in the sale.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, Calif.-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms in the U.S. The company focuses on middle-market, value-add industrial assets and developing large-scale institutional-quality, Class A industrial warehouse facilities in key locations, serving the needs of corporate America. As of Jan. 2019, CapRock Partners has been registered with the U.S. Securities and Exchange Commission, a designation that enables the firm to grow its assets under management throughout continued work with high-net-worth and institutional investors. The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Phoenix. To date, CapRock Partners has acquired, developed or has in its pipeline approximately 14 million square feet of industrial real estate totaling more than $1.7 billion. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.