RIALTO, CA—CapRock Partners, a private firm based in Orange County, California, recently broke ground on two large-scale industrial development projects here. Together, the projects encompass more than 45 acres and are anticipated to create hundreds of new jobs in the area, as well as to generate multimillion-dollar tax benefits and fees for the City of Rialto.
“We are pleased that CapRock Partners chose Rialto for these extensive industrial development projects that will generate significant economic benefits to our city,” said Rialto mayor Deborah Robertson, who participated in a ceremonial groundbreaking, last week. “Thanks to our aggressive economic development efforts, and our continued dynamic growth, Rialto is seen as the new frontier for business in the Inland Empire - placing it on the short list for developers seeking a business-friendly climate in Southern California.”
Located just one mile apart within the City of Rialto, CapRock Partners' building projects boast ideal freeway access to the 210, 15 and 10 Freeways. Having fully entitled both projects, CapRock Partners will now begin development of more than one million square feet of state-of-the-art industrial on the two sites. When completed in 2015, the projects are anticipated to create a $60 million tax basis increase for the combined 45 acres of land, and annual tax revenue to the City of Rialto of $200,000. In addition, between 150-250 construction jobs and $6.5 million in city development impact fees are being generated by the projects, with an anticipated 250+ permanent, full-time jobs created by tenants when the building is completed. Further, the projects will improve local city infrastructure, including new, above-standard curbs, gutters, and sidewalks - as well as extending various water, sewer and dry utility lines.
“Members of our team have been investing in the Rialto area for more than three decades and are some of its biggest champions,” said Jerry Pharris, CEO of CapRock Partners, at the groundbreaking ceremony. “Fortune 1000 firms are seeking distribution centers in this key location, and these projects - the largest to break ground in years - will be ready to bring that business to the City of Rialto.”
The first project, known as CapRock Distribution Center I, is located at the northeast corner of North Locust and West Bohnert Avenues in Rialto. The project encompasses 26.30 net acres of unimproved land and an existing multi-tenant industrial building, which will be demolished to make way for a new, 609,888-square-foot, class A distribution center.
The second project, known as I-210 Industrial Center, is located at the northwest corner of North Linden Avenue and West Casmalia Street in Rialto. Just 500 feet north of the 210 Freeway and serviced by the Locust Street on and off ramps, this 18.74 net acre parcel of unimproved land is near the intersection of Interstates 10 and 15, placing it strategically in the center of key transportation corridors. A 428,208-square-foot, state-of-the-art distribution center is planned for the site.
“We are pleased to be part of the City of Rialto's continued emergence as a premier location for commerce in Southern California,” said Pharris. “This groundbreaking event marks the evolution of CapRock Partners into one of the region's premier owners and developers of institutional quality industrial real estate.”
Headquartered in Irvine, CapRock Partners is a fast-growing private commercial real estate investment firm focused on investing in value and industrial assets throughout the state.
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