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CapRock tapped its unique network to uncover the acquisition of an off-market infill 110,710 sq. ft. industrial building in the premier submarket in the Phoenix metro. The institutional quality asset was formerly excess corporate real estate and is located minutes from the Sky Harbor International Airport.
CapRock pro-actively identified this submarket as the premier industrial submarket for the company’s expansion into Phoenix. Rents in this submarket had begun to stabilize and were experiencing upward pressure as vacancies were declining and little to no new construction in this size range was planned.
While the property was designed to institutional standards the building had no office, no windows, no primary entrance, and little to no landscaping. CapRock’s business plan is to upgrade the sprinklers to ESFR, add approximately 2,000 sq. ft. of spec offices, create a new storefront with identity along the major thoroughfare, install new droughttolerant
landscaping, and adequately secure the site.
CapRock is currently implementing its extensive renovation plan and is marketing the building for lease.
- High quality, off-market acquisition of former excess corporate real estate
- Class A industrial building in the most desirable submarket in the region
- Immediate freeway access to Loop 202 and 143 with frontage on Loop 202 freeway
- Large fenced yard with outside storage permitted
- Neighboring Institutional owners include: Prologis (NYSE: PLD), Clarion Partners, LBA Realty, Black Creek Capital, Invesco (NYSE: IVZ), Blackstone, DCT Industrial Trust (NYSE: DCT), Principal Financial Group (NYSE: PFG)
- Neighboring tenants/owner/users include: Amazon.com (NYSE: AMZN), Ferguson Enterprises, Inc., Honeywell International, Inc. (NYSE: HON), Textron, Inc. (NYSE: TXT), Boeing (NYSE: BA), W.W. Grainger, Inc. (NYSE: GWW)