Newport Beach-based CapRock Partners has been heavy on the acquisition front in the second half of 2019, wrapping nearly $128 million of buys over that time.
The privately held industrial investor and developer added nearly 1.3 million square feet across four properties to its portfolio in California, Nevada and Arizona, including one in Fullerton.
CapRock paid about $14.9 million for 2009-2011 Raymer Ave., a 126,413-square-foot industrial property near the Riverside (91) and Santa Ana (5) freeways.
The off-market deal, which closed in July, works out to about $117 per square foot.
The new owner is looking to put several million more into upgrades at the property, which was about 53% occupied by Spectrum Packaging at the time of sale.
Fullerton Investor
The building dates to 1979 and is on nearly 5 acres. It includes 8,250 square feet of office space, nine dock-high doors, two grade-level doors and a fenced lot.
The property, a former aerospace facility “that was in a functionally obsolete condition at the time of purchase,” is a “strategic addition to the firm’s value-add portfolio,” according to Bob O’Neill, CapRock’s senior vice president of acquisitions.
CapRock will expand the property, adding dock doors and additional office space, as well as upgrading the exterior. Construction is slated to wrap by early-2020.
It adds to a growing and notable slate of industrial work in Fullerton.
Goodman Group, the Australian developer with its North American base in Irvine, plans to turn the city’s former Kimberly-Clark site into a new 1.5 million-square-foot logistics center—it will be the largest industrial development project to break ground in OC in nearly seven years.
$123M Sold
CapRock also recently bet big on three other industrial projects, buying:
• A 33-acre parcel in North Las Vegas, where it plans a 683,436-square-foot facility, its first ground-up development outside of California.
• A 211,269-square-foot industrial building in San Diego.
• A fully leased 226,436-square-foot industrial property in Phoenix.
The buys bring its investment and development pipeline since its founding to 14 million square feet; those properties are valued at $1.7 billion.
CapRock also recently sold four California assets totaling some 850,000 square feet, for $123 million.
The dispositions include one Orange County deal: a 43,313-square-foot value-add office in Anaheim that traded for nearly $8 million, or $183 per square foot.
