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7/19/12
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OC-based CapRock Partners has obtained $25 mil of equity financing for the acquisition of industrial properties in California. The commitment was raised by Bridgeport Investments from an institutional investor. CapRock will use the funds to purchase buildings, land, and/or non-performing loans secured by industrial real estate.
This is a second equity commitment that Bridgeport has raised for CapRock. It follows a $12.5 mil commitment that Bridgeport raised in 2011, which CapRock used to acquire six buildings throughout California.
“This financing was structured to provide a streamlined approval process for future acquisitions, ensuring that our client has the ability to complete all-cash transactions and to purchase properties at foreclosure sales,” explained Bridgeport founding principal Randy Bramel. “This flexibility was a key part of our client’s strategy for these future acquisitions. As properties are acquired that require debt, Bridgeport will be securing that capital as well.”
Depending on the amount of debt used, CapRock has the capability to acquire up to $50 - $60 mil worth of properties. CapRock has already completed its first acquisition under the new equity financing commitment. The firm acquired a 75k sf multi-tenant business park in Santa Ana.
Founded in 1995, Bridgeport Investments is a real estate investment banking and advisory firm led by Randy Bramel, Chris Bramel and Paul Conzelman. Since 2003, the company has financed over $1.6 bil of real estate in nearly all real estate product types. Over the past two years, Bridgeport has raised over $75 mil in equity and is currently working on debt and equity transactions totaling over $50 mil.
CapRock Partner’s core platform focuses on strategic acquisitions and pro-active asset management of institutional quality multi-tenant buildings, multi-tenant parks, vacant buildings, partially occupied properties and non-performing notes throughout California valued between $5 mil - $20 mil. The firm, which launched its CapRock Partners Fund I, L. P. in 2010, has acquired a portfolio in 2011 valued at approximately $50 mil with plans to invest upwards of another $50 mil in 2012.
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