CapRock Partners, a privately owned investor and developer of industrial real estate in the Western and Central U.S., announced its acquisition of Summit at Surprise, a newly completed 244,847-square-foot Class A industrial warehouse property in Surprise. Summit at Surprise consists of two freestanding industrial buildings on two parcels totaling 16.95-acres. Building A spans 79,200 square feet and Building B totals 165,647 square feet. The property was approximately 15% leased at the time of acquisition, with CapRock actively marketing the remaining available space to industrial, manufacturing and logistics users seeking move-in-ready facilities in the rapidly expanding West Valley.
The sale price was $37,461,591, according to Vizzda.
“Summit at Surprise is a high-quality industrial asset in a submarket where we continue to see strong tenant demand and long-term growth potential,” said Bob O’Neill, executive vice president at CapRock Partners. “The property provides the opportunity to create value immediately through leasing while offering tenants modern, move-in-ready space that can support their operations. With limited new competitive supply in the area and the continued strength of the West Valley industrial market, we’re excited to add Summit at Surprise to our growing Arizona portfolio.”
DEEPER DIVE: Phoenix industrial market ranks No. 7 in nation
READ MORE: Sky Harbor Logistics office-to-industrial project breaks ground
Located at 12460 and 12730 N. Dysart Road, Summit at Surprise provides quick access to Loop 303, Loop 101 and Northern Parkway, offering efficient connectivity throughout the Phoenix metropolitan area and the broader Southwest. The property is surrounded by significant residential and commercial growth, well-suited for manufacturers, distributors, logistics providers and other industrial users throughout the region.
Both buildings are divisible to accommodate multiple tenants and feature institutional-quality specifications, including 32-foot clear heights, ESFR fire sprinkler systems, secured truck courts, LED lighting, warehouse air conditioning, dock levelers and move-in-ready speculative office suites.
Building A includes approximately 1,956 square feet of office space, 20 dock-high loading doors, two grade-level doors, 132 parking spaces and 2,000 amps of electrical service. Building B features approximately 1,874 square feet of office space, 47 dock-high loading doors, four grade-level doors, 244 parking spaces and 3,000 amps of electrical service.
“Occupiers continue to prioritize facilities that deliver operational efficiency, workforce accessibility and speed to occupancy,” added O’Neill. “Summit at Surprise delivers those advantages through modern building design, immediate availability and a premier West Valley location. As industrial development becomes increasingly selective across the Phoenix MSA, this acquisition reflects CapRock Partners’ commitment to investing in properties that support the evolving needs of industrial users while contributing to the region’s long-term economic growth.”
Summit at Surprise was purchased at an attractive basis from institutional investors. The acquisition was facilitated by Kirk Kuller, Callahan Conway, Bo Mills and Courtney Webb of KBC Advisors. Terms of the sale transaction are undisclosed. Leasing for the property is led by John Lydon and Nicole Marshall of JLL.
CapRock’s Phoenix-area historical investment, development and management portfolio consists of approximately 7 million square feet of industrial space, including CapRock West 202 Logistics, the firm’s marquee 3.4-million-square-foot industrial campus spanning 183 acres along the Loop 202 South Mountain Freeway. CapRock continues to pursue strategic acquisition and development opportunities throughout Arizona, where sustained population growth, business expansion and manufacturing investment continue to drive long-term demand for high-quality industrial facilities.
