IRVINE, CA—CapRock Partners has closed the sale of an industrial building to Prologis, the world's leading owner, operator and developer of industrial real estate. Construction on the 428,164-square-foot, state-of-the-art building at 1508 West Casmalia Street in Rialto, CA, was completed at the end of summer. The building is part of a larger CapRock project that encompasses 45 acres and two large-scale industrial buildings totaling more than 1,000,000 square feet. Paul Earnhart, Brian Pharris, Jeff Smith, and Ryan Lal at Lee & Associates represented both CapRock and Prologis in the transaction.
“Prologis is the premier institutional commercial real estate owner in the Inland Empire and recognized the unique nature of this opportunity to add to their significant holdings in this submarket,” said Jon Pharris, co-founder and president for CapRock Partners. “Prologis was confident in CapRock's proven ability to deliver projects on time and on budget - and we delivered on that promise with this distribution center.”
Prologis currently owns approximately 41 million square feet of industrial real estate in the Inland Empire.
Prologis pre-committed to the CapRock building in 2014 and the project broke ground in September 2014. The development is located at the signalized intersection of North Linden Avenue and West Casmalia Street in Rialto. Just 500 feet north of the 210 Freeway and serviced by the Alder Street on- and off-ramps, the building is close to the intersection of Interstates 10 and 15, placing it strategically in the center of key transportation corridors.
“The pre-commitment and now closed sale by Prologis underscores the value of CapRock's three decades of experience in developing and transacting in the Rialto area,” said Jerry Pharris, CEO of CapRock. “CapRock will continue to lead the market, with more than six million square feet of industrial development in our pipeline.”
Headquartered in Irvine, CapRock Partners is a fast-growing private commercial real estate investment firm focused on investing in value-add industrial assets throughout California and developing class A industrial buildings in Southern California. The firm, which launched CapRock Partners Fund I in 2010, CapRock Partners Fund II in 2012 and CapRock Land & Development Fund I in 2013, has acquired a portfolio of assets throughout Southern California and the greater Silicon Valley. In addition, 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 nearing completion and pre-sold to large institutional firms with another almost 2,000,000 square feet slated for 2016.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
