CapRock Partners, announced the completion of Phase I of CapRock West 202 Logistics, a new leading-edge speculative industrial development in the Southwest Phoenix submarket. Delivery of the 140-acre phase brings approximately 2.5 million square feet of Class A industrial warehouse space across five buildings to a key infill logistics location along Phoenix’s primary transportation corridors.
At total project completion, CapRock West 202 Logistics will offer 3.4 million square feet of Class A industrial warehouse space on 183 acres, making it the largest industrial development in Phoenix’s history and the first large-scale industrial complex to arrive along South Mountain Freeway (Loop 202).
Colson Group USA, the world’s largest manufacturer and distributor of caster, wheel, and related hardware products, is the first tenant to commit to CapRock West 202 Logistics and has signed a lease for 118,833 square feet. The 130-year-old company plans to take occupancy in Q4 2023 upon the completion of tenant improvements.
The Phase I completion and initial lease at CapRock West 202 Logistics represents CapRock’s leadership and capabilities in delivering large-scale institutional-level industrial properties that support regional economic progress, serve tenant needs and enhance the overall U.S. supply chain.
“CapRock West 202 Logistics’ Phase I completion is an exciting milestone for our firm and for Phoenix, which continues to advance as a critical logistics hub in the West,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “Combining state-of-the-art design, sustainable features, and strategic location, CapRock West 202 Logistics sets a new benchmark for industrial development. The project offers unparalleled advantages for tenants, and we are pleased to welcome Colson Group USA to its new home.”
Phase I encompasses 140 acres of the overall project. Designed for optimum efficiency and accessibility, its buildings range in size from 289,331 square feet up to 1,063,188 square feet with clear heights ranging from 32 feet to 40 feet.
Payson MacWilliam and Don MacWilliam, both Vice Chairmen at Colliers International, are leading the leasing efforts for CapRock West 202 Logistics. Their team assisted CapRock initially in securing the project development site in 2021.
“We are excited to celebrate the successful completion of CapRock West 202 Logistics Phase I, and extend a warm welcome to Colson Group USA,” said Payson MacWilliam. “This milestone marks the realization of the collective vision for Phoenix as a thriving economic market. As a centrally located world-class logistics facility, CapRock West 202 Logistics is drawing interest from high caliber tenants such as Colson Group who are industry leaders committed to innovation, sustainability, and making a positive impact in the region.”
Josh Wyss with Cushman & Wakefield represented the tenant in the lease transaction.
CapRock West 202 Logistics is located at the northeast corner of North 59th Avenue and West Van Buren Street. Its position southeast of the I-10 Freeway and Loop 202 interchange — effectively at the intersection of these two freeways — provides exceptional accessibility to the Phoenix metropolitan statistical area (MSA) with the ability to reach most of the Valley within a 45-minute drive and Phoenix Sky Harbor International Airport and Downtown Phoenix within minutes.
Geographically positioned east of Southern California’s port markets, Phoenix has emerged as an extension of the Inland Empire industrial market and serves as an important link to primary consumer markets and logistics hubs in Dallas, Denver, Las Vegas, and Salt Lake City. The MSA offers a strong labor pool of qualified workers and 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.
“CapRock is grateful for the partnership of the City of Phoenix in bringing CapRock West 202 Logistics to life. We remain committed to developing high-quality industrial assets that support economic progress and prosperity in the Phoenix area,” added O’Neill.
CapRock West 202 Logistics Phase II will include approximately 827,330 square feet across three buildings on 43 acres. Clear heights will range from 32 feet to 36 feet. Completion timing of this phase is not yet determined.
Founded in 2009 in Newport Beach, Calif., CapRock Partners is a privately owned investor and developer of industrial real estate in the Western and Central United States. With approximately $2.9 billion of assets under management or advisement as of June 30, 2023, the company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development and middle market value-add assets across the Western and Central U.S. Since inception, its total investment and development pipeline exceeds 30 million square feet of industrial real estate.
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