In a deal that bolsters its position in the strategically located southwest industrial submarket of Phoenix, California-based industrial real estate investment and development firm CapRock Partners today announced its acquisition of the newly constructed 7200 W. Roosevelt St. in Phoenix.
The transaction brings a 216,880-square-foot Class A property into CapRock Partners’ growing Arizona footprint during a time of surging demand for e-commerce, nearly record-low vacancy rates in Phoenix and robust demand across all distribution sectors. Situated a quarter mile south of I-10, the location’s neighbors are comprised of dozens of household name brands and enables single-day deliveries to California, Dallas, Denver and Salt Lake City.
“This is a very strategic location for manufacturers and e-commerce distributors alike,” said Bob O’Neill, senior vice president, acquisitions, of CapRock Partners. “With easy access to all the major markets in the Southwest, the property counts the likes of FedEx, PepsiCo, PetSmart and Amazon as its neighbors. This has enabled us to generate preliminary interest from a variety of tenants who want to lease the facility as a distribution hub.”
Spanning 12 acres, 7200 W. Roosevelt St. was recently completed and was designed to accommodate up to two tenants. The building features the following amenities:
• 32′ clear height
• 30 dock-high doors
• Two grade-level doors
• 48 trailer stalls
• Fully secured concrete truck court
• 3,600 amps, 277/480V power
• 52’ x 55’ column spacing
“With its prime location, functionality and great features, including strong curb appeal, this state-of-the-art building delivers on the needs of today’s industrial users as evidenced by the strong tenant interest we’ve received,” added Nicholas Ilagan, senior vice president, asset management.
CapRock Partners acquired the industrial building in an off-market transaction. The private industrial real estate investment and development firm was represented by Payson MacWilliam and Don MacWilliam of Colliers International.
CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket that was secured with Caraustar in 2018 and the 226,000-square-foot Papago Distribution Center acquired in summer 2019. Its portfolio in the region is expected to grow substantially as brands continue to seek logistics hubs for delivering their products to millions of consumers in the Southwest.
7200 W. Roosevelt St. is part of the CapRock Partners’ Industrial Value-Add Fund III, which focuses solely on the acquisition of middle market, value-add industrial properties, generally valued between $20 million to $50 million across California, Nevada and Arizona. It is the firm’s fifth fund overall and the third in its industrial value-add series.