Newport Beach Private Equity Company Buys In Las Vegas, Phoenix

NEWPORT BEACH, CA — CapRock Partners, a fully integrated real estate private equity firm based out of Newport Beach, is buying property in Pomona, Phoenix and Las Vegas this week, the firm announced.

CapRock Partners purchased the $11.9 million property in Phoenix from Sun State Builders for the price of $11.9 million, OC Register reported. According to its website, Newport Beach-based CapRock Partners has $2.6 billion in assets under management or advisement and 30 million square feet of land acquired, developed and entitled as of the start of the year.

Among its many industrial projects, the company has a 183-acre, eight-building speculative industrial project under construction in Phoenix. Closer to home, the firm broke ground in April on an industrial master plan comprised of 24 buildings on 112 acres in Norco, they reported.

Jon Pharris, co-founder and president of CapRock Partners spoke on the acquisition.

"The acquisition of 5810 W. Buckeye Road represents an opportunity to meet the ongoing demand for quality industrial space in infill areas in Phoenix and expand CapRock’s portfolio in the region," Pharris said.

The property has been pre-leased by Metrie Inc., a manufacturer and supplier of solid wood and composite molding. They also recently purchased a three-building complex in Las Vegas, according to the group.

"Newly completed, well-located projects such as Tropical Logistics Center Phase II and Spanish Ridge Industrial Park are benefiting from Las Vegas' limited supply of new industrial development and the continued high demand from occupiers," Pharris said.

With $2.7 billion of assets under management or advisement, the Register reported CapRock is continuing to acquire industrial properties in the western and central U.S., typically investing $20 million and $100 million per acquisition.