CapRock Companions Closes on 130,800-Sq.-Foot Class A Industrial Constructing in Phoenix
CapRock Companions, a number one industrial actual property investor, developer and asset supervisor within the Western U.S., right this moment introduced the acquisition of 5810 W. Buckeye Street, a 130,800-square-foot Class A industrial constructing on a 6.42-acre parcel alongside Phoenix’s Loop 202 freeway. Pre-leased to Metrie, Inc., North America’s largest producer and provider of strong wooden and composite moulding, the brand new warehouse property enhances CapRock’s footprint inside the Phoenix MSA and enhances its general regional logistics technique.
Development on the brand new industrial constructing was accomplished within the first quarter with Metrie set to take occupancy within the second quarter.
“CapRock is happy so as to add one other high-quality industrial warehouse facility to the Loop 202 hall within the Southwest Phoenix submarket, which is experiencing sustained excessive demand from tenants as a most popular infill location,” mentioned Bob O’Neill, senior vp of acquisitions at CapRock Companions. “The Phoenix industrial market continues to attract a variety of companies in want of recent and environment friendly house to develop their operations and CapRock stays dedicated to offering best-in-class property that provide options.”
5810 W. Buckeye Street is a contemporary warehouse facility with 2,500 sq. toes of workplace house. The constructing options 32-foot clear top, 16 dock-high loading doorways, two grade-level loading doorways, ESFR sprinklers and offers heavy energy. Exterior, the property affords a totally secured 180-foot concrete truck courtroom and an out of doors storage yard and ample parking with 29 trailer stalls and 138 auto stalls.
The property is situated on the northeast nook of S. 59th Avenue and W. Buckeye Street, adjoining to Loop 202 North. Positioned at a full-diamond intersection, the placement affords direct entry to the Loop 202 on/off ramps, along with excessive visibility with roughly 580 toes of freeway frontage. Lower than two miles south of the I-10 freeway, the property is roughly eight miles to Downtown Phoenix, 12 miles to Phoenix Sky Harbor Worldwide Airport, and is inside a 45-minute drive to many of the Phoenix MSA.
“The acquisition of 5810 W. Buckeye Street represents a possibility to fulfill the continued demand for high quality industrial house in infill areas in Phoenix and broaden CapRock’s portfolio within the area,” mentioned Jon Pharris, co-founder and president of CapRock Companions. “The property is inside blocks to CapRock’s bigger, CapRock West 202 Logistics, which is nearing completion of its first section. CapRock’s Phoenix portfolio, at full build-out, will consist of roughly eight million sq. toes of business house. Our group stays bullish on the Phoenix market, and we proceed to hunt extra alternatives for brand new growth.”
Don MacWilliam and Payson MacWilliam of Colliers Worldwide represented CapRock Companions within the advertising and marketing of 5810 W. Buckeye Street. Metrie Inc. was represented by Mark Seale with Avison Younger.
5810 W. Buckeye Street is one mile south on Loop 202 from CapRock’s marquee Phoenix industrial growth, CapRock West 202 Logistics, a state-of-the-art eight-building, Class A industrial warehouse complicated totaling 3.4 million sq. toes. Its Part I, which is deliberate for supply in summer time of 2023, consists of the undertaking’s first 5 buildings, totaling roughly 2.5 million sq. toes.
CapRock’s current growth portfolio consists of roughly 16 million sq. toes of Class A logistics services throughout Arizona, Nevada and California that the corporate lately accomplished, is presently constructing or is about to start.
Past ground-up growth, CapRock is actively buying center market, value-add industrial property, sometimes between $20 million to $100 million per acquisition.
