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6/02/20
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CapRock Partners has closed a first and subsequent second closing of CapRock Partners Industrial Value-Add Fund III, totaling more than $180 mil of committed capital in the fund and co-investment vehicles. The firm’s fifth fund overall and the third in its industrial value-add series, CapRock Partners Industrial Value-Add Fund III includes commitments from institutional investors, pension funds and family offices.
“Value-add industrial is the heart of CapRock Partners,” said Jon Pharris, co-founder and president of CapRock Partners. “It’s our roots and we leverage our deep experience and longstanding industry relationships to access a robust pipeline of value-add investments that generate proven financial results for our investors and strategic partners year after year.”
CapRock Partners Industrial Value-Add Fund III will focus on the acquisition of middle market, value-add industrial properties, typically between $20 mil to $50 mil per acquisition, across California, Nevada and Arizona. These submarkets are consistent with CapRock Partners’ core investment strategy focused on West Coast port markets, which are leading gateways to trade between the U.S. and Asia, and other adjacent high-growth major metropolitan areas that reap the economic benefits of these ports.
The fund was seeded with several pre-specified value-add industrial assets totaling more than 1.1 msf. Even with this high-quality initial portfolio, the fund still has approximately 90% of the commitments available for investment, leaving CapRock Partners with most of the fund’s capital to deploy in what may become more of a buyer’s market.
In addition to its focus on middle-market, value-add industrial assets, CapRock Partners also is one of the most active developers of large-scale institutional-quality, Class A industrial warehouse facilities across the Western U.S. In 2020, CapRock will be under construction on multiple 1 msf, Class A industrial projects, including Colony Commerce Center in Ontario, on behalf of Ivanhoe Cambridge. Colony Commerce Center is one of the largest spec industrial projects under construction in the nation.
CapRock Partners has acquired, developed, entitled or provided asset management services on more than 20 msf of industrial properties valued at nearly $2.4 bil at full build, including assets and properties in its current pipeline.
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