CapRock Partners has closed its first development-focused logistics venture with $700 million in capital commitments. The venture had an initial target of $450 million. The venture will fund nearly $2 billion in industrial development totaling 15 million square feet throughout the Western US.

The funds in the venture are already allocated. The developments include Palomino Business Park, a nearly 2 million-square-foot multi-building industrial masterplan the Inland Empire; the second phase of Saddle Ranch Business Park, an 800,000-square-foot seven-building industrial warehouse complex in the Inland Empire; I-15 Logistics, a 1.2 million-square-foot logistics facility in Fontana, which is one of the largest single industrial buildings in the Inland Empire West submarket; CapRock Logistics West 202, an eight building, 3.4 million square foot class-A logistics facility and the largest speculative industrial real estate project in the history of the City of Phoenix; second phase of CapRock Central Point, a 1.1 million-square-foot build-to-suit development for a Fortune 100 e-commerce company in Visalia, California.

By the end of the year, CapRock will be under construction on 7 million square feet of these projects. All of the projects under construction are large-scale industrial facilities.