Newport Beach, California–based industrial real estate investment and development firm CapRock Partners has acquired approximately 23 acres that will accommodate a 425,000-square-foot-industrial business park in Norco, California. Groundbreaking is scheduled for June 2018.
Norco Business Park, positioned in the Inland Empire West submarket, will serve demand for commercial delivery to Orange County and the proximate Norco and Corona communities. Located less than a mile from I-15 between the SR 91 and SR 60 freeways, the property comprises four buildings with unit sizes ranging from 70,000 to 160,000 square feet. Building features will include ample parking, 30-foot clear heights, two-story offices, and ground-level loading doors.
CapRock’s latest acquisition is part of its last-mile logistics strategy of delivering three regional properties comprising eight industrial buildings for a total of nearly 900,000 square feet. The properties include: Temescal Valley Commerce Center in Corona, which will deliver 140,000 square feet in Summer 2018 in a single building; Serrano Business Park in Jurupa Valley, which will deliver 327,000 square feet in Q1 2019 in three buildings; and Norco Business Park in Norco, which will deliver 425,000 square feet in Q2 2019 in four buildings. The complementary properties will offer different building sizes and regional transportation focuses, and will cater to tenants from San Gabriel Valley, Orange County, and the Inland Empire.
“The Norco acquisition enhances CapRock Partners’ position in Southern California, where we are leveraging our successes with smaller-sized class-A developments for risk-adjusted investor returns,” says Jon Pharris, co-founder and president at CapRock Partners. “As we secure property acquisitions in highly desirable submarkets, our expertise and trusted relationships enable us to develop best-in-class product while taking advantage of key geographic advantages for customers.”
Patrick Daniels, CEO at CapRock Partners, adds, “With investor demand far exceeding supply, the City of Norco provides tremendous civic support for developing community businesses. In concert, CapRock is pleased to add to workforce opportunities for residents that enhance the vibrant cultural, recreational and commercial resources that community members enjoy.”
According to CapRock, the City of Norco is well-recognized for its unique blend of advanced technology and dynamic equestrian community, which is a part of a $100-billion horse industry in America. Consistent with its celebrated Old West spirit and trademarked city moniker, “Horsetown, USA,” the property will be designed and developed to embrace the western feel of the local community.