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8/25/23
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CapRock Partners has broken ground on Building 1 at CapRock Central Point III, a new LEED-certified, 2.7 msf, four-building speculative industrial complex in Visalia. Building 1 will bring 1.27 msf of Class A logistics and distribution space to the Central Valley at completion, which is anticipated Q3 2024.
Located at 4001 N. Plaza Dr, CapRock Central Point III is proximate to major Central Valley transportation including air, rail and highways. The property is easily accessible to State Route 99, which runs through the Central Valley and connects to major interstates such as I-5 and I-80. It is less than forty miles to Fresno International Airport.
CapRock Central Point III is CapRock’s third development project within the larger 5 msf Central Point master-plan. The firm was one of the first major movers in the Visalia industrial real estate market and completed CapRock Central Point I and CapRock Central Point II in 2021 as build-to-suit developments for an e-commerce company.
CapRock also sold 88 acres of land adjacent to Central Point III to UPS for the development of one of the logistics company’s largest facilities in the Western U.S. The 450k sf UPS complex is a master-plan anchor and an attractive amenity for Central Point tenants. It will serve as a resource in reducing operational costs, improving efficiency, and facilitating access to 95% of California’s population within a day’s drive.
“Visalia’s central location makes it a strategic and logical choice for companies requiring streamlined distribution to markets throughout California and the Western U.S.,” remarked Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “Designed and positioned for optimum efficiency, CapRock Central Point III will allow future tenants to reach over 50 million customers with one-day ground shipping. It is one of the only locations in the U.S. that will offer such a high level of accessibility to as large of a population base within this timeframe.”
Approximately 230 miles north of Los Angeles and 230 miles south of San Francisco, Visalia plays a central role in California’s industrial warehouse market and the broader U.S. logistics supply chain. It offers abundant land at relatively lower real estate costs compared to larger metropolitan areas nearby and boasts a robust supply of educated workers, drawing prominent companies such as UPS, Amazon, Ace Hardware, Smuckers, VF Corporation, FedEx, and International Paper, which have already established logistics facilities in the area.
Mike Fowler, Mike McCrary and Mac Hewett at JLL are leading the leasing efforts for CapRock Central Point III.
Building 1 encompasses approximately 75 acres within the CapRock Central Point III project site and is designed to meet LEED Silver certification. At completion, the cross-dock warehouse will feature 40-foot clear height, 274 dock-high doors and two ground-level doors. It will include approximately 6.6k sf of office space, ample power, ESFR sprinklers and 890 auto parking stalls. With a fully secured fenced yard, the property will provide drive-around access, a truck court depth of 185 feet, dedicated truck circulation and 542 excess trailer parking stalls.
Designs for CapRock Central Point III’s Buildings 2, 3 and 4 are complete and approved. They are flexible to accommodate build-to-suit options for future tenants.
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