CapRock Buys Phoenix Industrial Asset

5810 W. Buckeye Road. Image courtesy of CapRock Partners

CapRock Partners has purchased a recently completed, 130,800-square-foot industrial property in Phoenix. Maricopa County records show that the firm paid $11.9 million for the Class A asset and used a $7.8 million acquisition loan from California Bank & Trust. The previous owner was Sun State Builders, according to CommercialEdge data.

The building is preleased to Metrie Inc., which will occupy the new warehouse in the second quarter of this year. Colliers Vice Chairmen Don MacWilliam and Payson MacWilliam negotiated on behalf of the new landlord, while Avison Young Principal & Director of Brokerage Services, Mark Seale, worked on behalf of the tenant.

Located at 5810 W. Buckeye Road, the facility features 32-foot clear heights, ESFR sprinklers, two-grade-level loading doors, 16 dock-high doors and a 2,500-square-foot office component. Situated on a nearly 6.5-acre lot within an Opportunity Zone, the industrial property is close to Loop 202 North and Interstate 10, some 7 miles from downtown Phoenix and 12 miles from Phoenix Sky Harbor International Airport.

Growing its Phoenix footprint

The property is also close to CapRock Partners’ West 202 Logistics, a 183-acre, master-planned industrial project slated to comprise 3.4 million square feet. When complete, the campus will become the largest speculative industrial development in the market’s history.

CapRock Co-Founder & President Jon Pharris said, in prepared remarks, that when West 202 Logistics will be fully built, the company’s Phoenix portfolio will total some 8 million square feet.

In 2022, the developer commenced construction on another big-scale industrial project in the West. The 112-acre, master-planned development in Norco, Calif., will encompass some 2 million square feet of space spread across 24 buildings.