CapRock Partners Pays $38M for Phoenix-Area Industrial Asset

CapRock Partners has acquired the 244,847-square-foot Summit at Surprise, a newly delivered industrial campus in Surprise, Ariz. Velocis sold the property for a total of $37.5 million, Yardi Matrix shows. KBC Advisors brokered the deal, while JLL handles the leasing efforts.

The property debuted in 2024, featuring two warehouses spanning 79,200 and 165,647 square feet, respectively. Summit at Surprise was 15 percent leased at closing, with CapRock marketing the park to potential manufacturing and logistics occupiers.

Both properties feature a clear height of 32 feet and a combined total of 67 dock doors and six grade-level entrances, as well as 376 parking spaces. The facilities are divisible to accommodate a multi-tenant layout.

---

READ ALSO: CRE Trends at Midyear

---

Located on nearly 17 acres at 12460 and 12730 N. Dysart Road, Summit at Surprise is in Phoenix’s Northwest submarket, proximate to thoroughfares such as loops 303 and 101, with both running parallel to the property within about 6 miles.

KBC’s Capital Markets team, including Kirk Kuller, Callahan Conway, Bo Mills and Courtney Webb, brokered the acquisition. JLL Executive Managing Director John Lydon and Associate Nicole Marshall are spearheading the leasing efforts at the property.

Since its inception in 2009, CapRock’s national investment and development pipeline has reached more than 35 million square feet of industrial space. In metro Phoenix alone, the company has invested in, developed and managed a collection of roughly 7 million square feet.

Among the firm’s holdings in the market is CapRock West 202 Logistics, a 3.4 million-square-foot park in Phoenix’s West Valley that came online earlier this year. The campus marked the then-largest speculative industrial property across the whole metro.

Phoenix investment is strong, despite recent softening

Investors logged nearly $1.9 billion across industrial deals throughout the Valley of the Sun during the first half of 2026, up 6.4 percent annually, according to a report by Colliers. However, the volume softened in the second quarter, with just $877 million in recorded transactions, down 11.5 percent quarterly and 8.3 percent yearly.

While the Southeast submarket ranked first, drawing nearly half of the total activity during the second quarter, the Northwest held its own, landing second, propelled by the acquisition of West Summit at Surprise. Mohr Capital obtained $63.8 million for the asset, which is within walking distance of the property purchased by CapRock.

Northwest Phoenix’s semiconductor ecosystem

The Northwest submarket benefits from strong demand drivers, such as TSMC’s semiconductor manufacturing campus in Peoria, Ariz., which is set to expand even further after the company increased its commitment by $100 billion last month, reaching a record of $265 billion amid unprecedented data center expansion.

In the nearby town of Peoria, Ariz., Amkor is developing an advanced semiconductor packaging and testing property. Also last month, NVIDIA, which is among TSMC’s semiconductor clients, joined forces with Amkor in a $1.5 billion partnership to boost the company’s packaging and testing capabilities and bolster U.S. semiconductor supply chains.