CapRock Breaks Ground on Inland Empire Industrial Project

Palomino Ranch. Rendering courtesy of CapRock Partners

CapRock Partners has broken ground on Phase I of Palomino Ranch in Norco, Calif. The master-planned Class A warehouse project will encompass around 2 million square feet across 24 buildings on roughly 112 acres, making it the largest industrial development in Norco’s history. This first phase is planned to include eight industrial buildings totaling 700,000 square feet on 44 acres.

American International Group provided $200 million in construction financing, through different subsidiaries, according to Riverside County records. CapRock is developing the project in partnership with the City of Norco, said Co-Founder & President Jon Pharris in prepared remarks. Lee & Associates will provide leasing services at Palomino Ranch, which will feature design elements inspired by Norco’s equestrian background and nickname, “Horsetown U.S.A.”

A phase by phase project

Palomino Ranch. Image courtesy of CapRock Partners

Phase 1 will comprise buildings ranging from 55,000 to 150,000 square feet, with clear heights between 30 and 36 feet. The buildings greater than 20,000 square feet will also offer up to 6,000 square feet of mezzanine office space. The facility will offer secured and unsecured concrete truck courts, ESFR sprinklers and up to 4,000 amps of power. The development will be LEED certified.

Located at 1811 Mountain Ave., the project is half a mile west of Interstate 15 and around 2 miles north of the intersection of Riverside Freeway and Interstate 15. Los Angeles International Airport is roughly 56 miles west, easily accessible via Riverside Freeway and Century Freeway. Also within proximity are companies such as FedEx, UP and Amazon.

CapRock plans to break ground on the second phase of the development in 2023. The two-part phase will include a 750,000- and 533,000-square-foot industrial space.

Palomino Ranch represents the firm’s third ground-up development in Norco. Last October, the company completed the 422,000-square-foot Saddle Ranch Business Park and sold it to Alere Property Group. The property was 100 percent leased to Goli Nutrition before the sale. The building’s second phase, the 387,180-square-foot Saddle Ranch Phase II, is located adjacent to the completed first phase and is currently under construction.