CapRock Partners appears to be expanding its space in Southern California. According to public records, the industrial developer acquired nearly 23 acres of land in Moreno Valley for $28.5 million. The property was sold by an entity affiliated with CRG.
Located at 30050 Eucalyptus Street, the site is home to 22.88 acres of land. The property is bounded by Theodore Street to the south and Eucalyptus Street to the south acres of industrial land. The site is also closely situated to State Route 60.
While it is unclear what plans CapRock may have for the site, the firm has recently announced the completion of several other industrial projects in the Inland Empire.
In Norco, the firm completed phase one of the Palomino Ranch Business Park as well as Saddle Ranch South. The properties are located at 1700-1910 Mountain Ave. and 3000, 3050 and 3100 Horseless Carriage Drive, respectively.
At total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering approximately 2 million square feet across 24 buildings on approximately 112 acres. The first phase brought 700,000 square feet of industrial space to the market. Meanwhile, Saddle Ranch South includes three buildings ranging from 100,000 square feet to 155,000 square feet.
CapRock Partners was founded in 2009 in Newport Beach. Since then, the firm has developed, acquired or entitled 30 million square feet of industrial space and has raised approximately $1.5 billion of equity commitments across seven funds.
