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October 19, 2019
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CapRock Partners Buys 226k sf AZ Industrial Asset in a Venture with CenterSquare Investment Management Client

8/08/19

CapRock Partners, in a venture with an institutional client advised by CenterSquare Investment Management, purchased Papago Distribution Center, a 226.4k sf, Class A industrial property in Phoenix, AZ. The price was not disclosed.

Located at 1010 N. 47th Ave, Papago Distribution Center is 100% occupied by Updike Distribution Logistics, a leading third-party logistics (3PL) company based in Phoenix. The modern facility features approximately 5k sf of office space, 30-foot clear heights, 60 dock high doors and three drive-in ramps.

A 130-foot truck court on the south side of the property provides generous room for maneuvering and is enclosed by a secured gate. The 12-acre property is equipped with heavy power capacity (3,650a, 277/480v), is rail-service capable with seven knock-out doors and includes nearly 200 parking spaces.

Papago Distribution Center lies south of the I-10 Fwy and is accessible via the 51st Ave exit. The property is approximately seven miles to Downtown Phoenix, within a 20-minute drive to Phoenix Sky Harbor International Airport and sits among other logistics and distribution facilities occupied by Unisource Worldwide and United States Postal Service.

The property was sold by a global asset manager. Papago Distribution Center is CapRock’s second acquisition in the Phoenix submarket and represents the company’s continued strategic expansion into key markets beyond California.

As Arizona continues to outpace national growth rates, CapRock is seeking out additional opportunities in Greater Phoenix. The company currently owns approximately 340k sf of industrial space in the submarket and is in escrow on multiple buildings totaling an additional 450k sf, which is on track to close by yearend. CapRock also recently secured a seven-year lease after completing an extensive repositioning project at its signature Phoenix asset at 51st St and Washington St.

Bo Mills and Mark Detmer at Jones Lang LaSalle represented CapRock in the Papago Distribution Center acquisition transaction.






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