RIVERSIDE, CA—Irvine, CA-based CapRock Partners LLC has purchased an industrialproject at the intersection of Iowa and Palmyrita aves. here for 407,455 square feet here from a seller identified to GlobeSt.com as PSIP Magellan Riverside I LLC, a Delaware Corp., for a price undisclosed to us. The project contains two 100%-leased industrial buildings and 1.49 acres of unimproved land that CapRock plans to entitle for the development of a future industrial building.
The facility at 800 Iowa Ave. is a 309,525-square-foot industrial building leased to Rust-Oleum, while 1151 Palmyrita is a 97,920-square-foot building leased to Ancon Marine. The latter tenant, headquartered in Carson, CA, has occupied the building for 15 years. The unimproved land is located at 900 Iowa Ave. Both buildings are within the master-planned Hunter Park submarket here, are situated on their own parcels and enjoy the benefit of two active rail spurs.
CapRock plans to make strategic improves to the property to improve efficiency and enhance quality. “Our focus is on acquiring institutional-quality assets and applying our entrepreneurial approach to development and investment, ultimately delivering best-in-class projects to the market, and impressive returns to our investors,” says Jon Pharris, a principal and director of acquisitions for CapRock. “Strong recovery in Riverside and declining vacancy rates in the area, along with our ability to structure creative deals and add value, made this a strategically sound acquisition for us.”
Steve Haston, Paul Earnhart and Finn Comer of Lee & Associates represented the seller in the transaction. The asset will be a part of CapRock Partners Fund II, which was launched in 2012 to acquire value-add industrial opportunities.
According to Pat Daniels, the firm’s co-founder and COO, CapRock has an impressive track record of transacting in the Inland Empire industrial sector, thanks to a rich history of investing in the region.
The firm has also been active in the Orange County industrial market. As GlobeSt.com reported last month, the private commercial real estate investment firm sold out the remaining 14 units of industrial condominiums at its South Coast Metro Business Center in Santa Ana, CA. The closing represented the end of a successful redevelopment project and marketing campaign for the value-add project.