Construction is officially underway at CapRock West 202 Logistics, a landmark 3.4-million-square-foot speculative infill industrial development in central Phoenix. During a celebratory ground breaking event, CapRock Partners today announced that grading has commenced the on first phase of the 183-acre project, which is the largest industrial development in Phoenix’s in history and the first large-scale industrial complex to arrive along the recently completed South Mountain Freeway (Loop 202). At completion, CapRock West 202 Logistics will provide much needed modern industrial space and open a new level of access and efficiency for the influx of businesses in central Phoenix.
“The city of Phoenix and its economy continue to fire on all cylinders, and the timely delivery CapRock West 202 Logistics will support the Valley’s remarkable expansion as the fastest growing city in the U.S.,” said Nicholas Ilagan, senior vice president at CapRock Partners. “CapRock develops modern industrial facilities that provide logistics solutions for a wide range of industrial users, and our team is pleased officially announce the commencement of CapRock West 202 Logistic, a one-of-a kind development that will offer enhanced functionality and access for Phoenix’s enterprises while providing new opportunities for employment. CapRock is investing heavily in Phoenix and is committed to supporting its advancement as a leader in economic growth and its position as a critical link in the U.S. supply chain.”
CapRock West 202 Logistics is located within the southeast quadrant of the I-10 Freeway and Loop 202, at the northeast corner of North 59th Avenue and West Van Buren Street. Future CapRock West 202 Logistics tenants will be able to reach most of the Valley within a 45-minute drive and be within minutes to Phoenix Sky Harbor International Airport and Downtown Phoenix, important features for businesses with last-mile distribution strategies.
“The Loop 202 South Mountain Freeway opened up opportunities for job creation and capital investment in Phoenix,” said Phoenix Mayor Kate Gallego. “CapRock Partners is the first industrial investment to develop along Loop 202. Its construction of the largest industrial campus in Phoenix’s history is a statement of confidence in our city’s future. More people choose Phoenix as their new home than any other U.S. city, that’s why we invest in infrastructure to attract projects like this one.”
Phoenix’s geographic position, within a single-day’s drive to primary consumer markets and logistics hubs in Southern California, Dallas, Denver and Salt Lake City, has led it to become a critical node in the North American supply chain. Distributors can reach over 125 million people via two-day truck service, and over 230 million people (or 70% of the U.S. population), via three-day truck service. Don MacWilliam and Payson MacWilliam, both executive vice presidents at Colliers International and who assisted CapRock initially in securing the CapRock West 202 Logistics development site, are leading the project’s leasing efforts.
“CapRock West 202 Logistics is drawing high interest from a wide range of tenants in need of well-located high-quality warehouse space,” said Payson MacWilliam. “Demand for big-box industrial product in Phoenix continues to climb as retailers and suppliers shift their distribution strategies and Southern California industrial real estate reaches near full capacity. Phoenix has become an extension of the Inland Empire and is attracting global and domestic businesses that value the Valley’s regional connectivity, established infrastructure, strong employment base, temperate climate and business-friendly approach.”
Phase 1 of CapRock West 202 Logistics will include the development of approximately 140 acres, delivering 2.5 million square feet of modern industrial warehouse space across five Class A buildings with clear heights ranging from 36 feet to 40 feet. Completion of this phase is anticipated in Q1 2023. Phase 2 will include an additional three buildings totaling 827,330 square feet on 43 acres. Timing of the second phase’s start is to be announced.
MacWilliam added, “CapRock Partners is executing on its vision and ability to deliver a speculative world-class industrial complex in a unique infill location that will have an undeniable impact on the Valley’s industrial landscape providing an unmatched level of logistics efficiency.”
“CapRock is leaning into its experience, expertise and proven approach to deliver another best-in-class facility. We’ve assembled an all-star team with Colliers and Willmeng Construction and look forward to working together along with the City of Phoenix in bringing CapRock West 202 Logistics to life,” added Ilagan.
CapRock’s portfolio and proven track record include nearly 30 million square feet of industrial real estate assets in Central and Southern California, Las Vegas and Phoenix. The firm will be under construction on approximately 10 million square feet of industrial space in the next twelve months, inclusive of CapRock West 202 Logistics, and continues to actively pursue new investment opportunities for ground-up development and value-add repositioning in key logistics locations throughout the Southwest U.S. and Texas.
Founded in 2009, Newport Beach, Calif.-based CapRock Partners is one of the leading private industrial real estate investment and development firms in the Western U.S. The company specializes in acquiring value-add industrial assets, developing large-scale institutional-level Class A industrial warehouse facilities and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development across the Western U.S. and Texas. Since its inception, CapRock has entitled, developed, or acquired nearly 30 million square feet of industrial real estate.
