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8/27/14
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OC-based CapRock Partners has acquired two land parcels in Rialto on which the company is set to develop more than 1 msf of new, state-of-the-art industrial space. Only one mile apart, the parcels boast excellent access to the 210, 15 and 10 Freeways.
The first purchase is known as CapRock Distribution Center I and closed at the end of the first quarter of 2014. Located at the northeast corner of North Locust and West Bohnert Avenues in Rialto, the site encompasses 26.30 net acres of unimproved land and an existing multi-tenant industrial building, which will be demolished to make way for a new, 609.9k sf, Class A distribution center. Work at the site is set to begin in September 2014.
The second acquisition, which just closed escrow last week, is known as CapRock Distribution Center II and is located at the northwest corner of North Linden Ave and West Casmalia St in Rialto. Just 500 feet north of the 210 Fwy and serviced by the Locust Street on and off ramps, this 18.74-acre parcel of unimproved land is near the intersection of Interstates 10 and 15, placing it strategically in the center of key transportation corridors. A 408.2k sf project is planned for the site, and is set to begin construction in late August 2014.
Paul Earnhart, Brian Pharris and Jeff Smith of Lee & Associates represented CapRock Partners in the acquisitions. Debt and equity was raised by Chris Bramel and Paul Conzelman of Bridgeport Investments, an Orange County-based real estate investment banking and advisory firm.
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