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RIALTO, CA—CapRock Partners, a privatecommercial real estate investment firm based in Orange County, CA,has acquired the second of two premium land parcels in Rialto, CA.Only one mile apart, the projects boast ideal freeway access to the210, 15 and 10 Freeways.

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Having fully entitled both projects, CapRock Partners is set tobegin development of more than one million square feet ofstate-of-the-art industrial on the two sites thisfall.
“These acquisitions have been 18 months in the making, as wecarefully observed the region's industrial market and the appetitesof Fortune 1000 firms for distribution centers in this keylocation,” says Pat Daniels, COO and co-founder ofCapRock Partners. “During the process, we leveraged our ability tocreatively and strategically structure the transactions so that wecould pursue and obtain all entitlements and approvals—and completedesigns for the two buildings—concurrent to the close ofescrow.”
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The first purchase is known as CapRock Distribution Center I andclosed at the end of the first quarter of 2014. Located atthe northeast corner of North Locust and West Bohnert Avenues inRialto, the site features direct access to the 210 Freeway and isjust minutes to the 10/15 Freeway Interchange. The projectencompasses 26.30 net acres of unimproved land and an existingmulti-tenant industrial building, which will be demolished to makeway for a new, 609,888-square-foot, class-A distribution center.Work at the site is set to begin in September 2014.

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The second acquisition is known as CapRock Distribution CenterII and is located at the northwest corner of North Linden Ave. andWest Casmalia Street in Rialto. Just 500 feet north of the 210Freeway and serviced by the Locust Street on and off ramps, the18.74 net acre parcel of unimproved land is near the intersectionof Interstates 10 and 15, placing it strategically in the center ofkey transportation corridors. A 408,164-square-foot,state-of-the-art distribution center is planned for the site, andis set to begin construction in late August 2014.

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Paul Earnhart, Brian Pharrisand Jeff Smith of Lee &Associates represented CapRock Partners in thetransactions, while the debt and equity was raised by ChrisBramel and Paul Conzelman ofBridgeport Investments, an Orange County-basedreal estate investment banking and advisory firm that provides abroad spectrum of advisory services to real estate developers,owners and investors.

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“The key to the success in the capitalization of this deal wasthe combination of a strong real estate sponsor that has a longhistory in this market, combined with an entrepreneurialinstitutional equity capital partner, and a creative,relationship-oriented lender,” says Randy Bramel,founder and president of BridgeportInvestments.

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Jon Pharris, a principal and director ofacquisitions for CapRock Partners, adds that “CapRock Partners iscommitted to building best-in-class distribution centers to fulfillthe logistic and e-commerce needs of Fortune 1000-calibertenants. Through our development efforts, we aim to positivelyimpact the job and commercial real estate markets in the region foryears to come.”

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Pharris tells GlobeSt.com that the total construction cost willbe in the mid-$60-million range with a completion for bothbuildings in the second quarter of 2015. A groundbreaking event atthe CapRock Distribution Center II site will be held in September2014.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.