CapRock Partners buys 130,800 SF industrial building in Phoenix
CapRock Partners, a leading industrial real estate investor, developer and asset manager in the Western U.S., today announced the acquisition of 5810 W. Buckeye Road, a 130,800-square-foot Class A industrial building on a 6.42-acre parcel along Phoenix’s Loop 202 freeway. Pre-leased to Metrie, Inc., North America's largest manufacturer and supplier of solid wood and composite moulding, the new warehouse property enhances CapRock’s footprint within the Phoenix MSA and complements it overall regional logistics strategy.
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Construction on the new industrial building was completed in the first quarter with Metrie set to take occupancy in the second quarter.
"CapRock is excited to add another high-quality industrial warehouse facility to the Loop 202 corridor in the Southwest Phoenix submarket, which is experiencing sustained high demand from tenants as a preferred infill location," said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “The Phoenix industrial market continues to draw a wide range of businesses in need of new and efficient space to grow their operations and CapRock remains committed to providing best-in-class assets that offer solutions.”
5810 W. Buckeye Road is a modern warehouse facility with 2,500 square feet of office space. The building features 32-foot clear height, 16 dock-high loading doors, two grade-level loading doors, ESFR sprinklers and provide heavy power. Outside, the property offers a fully secured 180-foot concrete truck court and an outdoor storage yard and ample parking with 29 trailer stalls and 138 auto stalls.
The property is located at the northeast corner of S. 59th Avenue and W. Buckeye Road, adjacent to Loop 202 North. Positioned at a full-diamond intersection, the location offers direct access to the Loop 202 on/off ramps, in addition to high visibility with approximately 580 feet of freeway frontage. Less than two miles south of the I-10 freeway, the property is approximately eight miles to Downtown Phoenix, 12 miles to Phoenix Sky Harbor International Airport, and is within a 45-minute drive to most of the Phoenix MSA.
"The acquisition of 5810 W. Buckeye Road represents an opportunity to meet the ongoing demand for quality industrial space in infill areas in Phoenix and expand CapRock’s portfolio in the region," said Jon Pharris, co-founder and president of CapRock Partners. “The property is within blocks to CapRock’s larger, CapRock West 202 Logistics, which is nearing completion of its first phase. CapRock’s Phoenix portfolio, at full build-out, will consist of approximately eight million square feet of industrial space. Our team remains bullish on the Phoenix market, and we continue to seek additional opportunities for new development.”
Don MacWilliam and Payson MacWilliam of Colliers International represented CapRock Partners in the marketing of 5810 W. Buckeye Road. Metrie Inc. was represented by Mark Seale with Avison Young.
5810 W. Buckeye Road is one mile south on Loop 202 from CapRock’s marquee Phoenix industrial development, CapRock West 202 Logistics, a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million square feet. Its Phase I, which is planned for delivery in summer of 2023, consists of the project’s first five buildings, totaling approximately 2.5 million square feet.
CapRock’s recent development portfolio includes approximately 16 million square feet of Class A logistics facilities across Arizona, Nevada and California that the company recently completed, is currently building or is about to commence.
Beyond ground-up development, CapRock is actively acquiring middle market, value-add industrial assets, typically between $20 million to $100 million per acquisition.