RIALTO, CA—CapRock Partners, a private commercial real estate investment firm based in Orange County, has completed the forward sale of an industrial building to Prologis. The 428,208-square-foot, state-of-the-art building currently is under construction in Rialto, and is set for completion in spring 2015. The building is part of a larger CapRock Partners project that encompasses 45 acres and two large-scale industrial buildings. Paul Earnhart, Brian Pharris, Jeff Smith, and Ryan Lal at Lee & Associates represented both parties in the transaction.
“Prologis is the premier institutional owner in the Inland Empire and they had confidence in CapRock's ability to perform on time and on budget” said Jon Pharris, co-funder and director of acquisitions for CapRock. “This Rialto location adds to their existing footprint in the immediate area and the site's Inland Empire location makes it ideal for Prologis' tenants, who typically are Fortune 1000 firms seeking high-performance distribution centers.”
The building that Prologis is buying from CapRock via the pre-commitment transaction 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 both the Alder and Ayala Street on and off ramps, the 18.74 net acre parcel also is near the intersection of Interstates 10 and 15, placing it strategically in the center of key transportation corridors.
“Members of our team have been investing and developing in the Rialto area for more than three decades,” said Jerry Pharris, CEO of CapRock Partners. “This forward purchase by Prologis continues to add to the dialogue that we are one of the preeminent developers in the Inland Empire, with more than 4.5 million square feet of industrial development in our pipeline.”
Headquartered in Irvine, CA, CapRock Partners is a fast-growing private commercial real estate investment firm focused on investing in value and industrial assets throughout California and developing class A industrial buildings in Southern California.
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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.
