By AZRE | AZ Big Media
CapRock Partners, a leading industrial investor, developer and asset manager in the Western U.S., today announced the development commencement of CapRock West 202 Logistics, the largest speculative industrial real estate project in the history of the City of Phoenix. CapRock is transforming one of the largest remaining infill land sites in the Southwest Phoenix submarket into a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million square feet. The project will be highly accessible to key logistics transportation routes and bring much needed modern warehouse space to the Phoenix metropolitan statistical area (MSA) as it continues to experience robust population and employment growth. CapRock secured the land for the project’s development via a long-term land lease. Terms of the transaction are not disclosed.
“Phoenix is now the fifth largest municipality in the U.S. and also the fastest-growing big city. With a majority of the Valley’s new industrial product delivering in the outer submarkets such as the northwest, CapRock Partners is proud to bring CapRock West 202 Logistics to central Phoenix, in an ideal infill location close to Downtown and along a major transportation corridor,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “CapRock West 202 Logistics will surpass all other large-scale industrial projects within Phoenix’s city limits by more than 1 million square feet. Unmatched in magnitude, location and accessibility, the project will set a new standard for warehouse development in the City of Phoenix, drawing world leaders in distribution, manufacturing and logistics in need of contemporary space to accommodate the region’s remarkable growth.”
