CapRock Wraps Up 3.4 MSF Phoenix Campus

February 2, 2026

Development Brokerage Industrial News More Phoenix West

This is the largest spec industrial complex in the Valley.

Exterior shot of CapRock West 202 Logistics, a 3.4 million-square-foot industrial campus in Phoenix. — Occupying 183 acres, CapRock West 202 Logistics includes eight Class A buildings with single and cross-dock configurations. *Image courtesy of CapRock Partners*

CapRock Partners has completed the second and final phase of CapRock West 202 Logistics in Phoenix. The 3.4 million-square-foot property is the largest speculative industrial campus in the Valley.

The company also secured a 1.1 million-square-foot lease with Amazon for the entire Building C, the largest facility within the complex. A Colliers team brokered the deal.

This complex is only one example of CapRock’s development activity in the metro. The Newport Beach, Calif.-based company has nearly 7 million square feet of industrial properties in Phoenix and is looking to expand its local footprint.

Phoenix’s largest spec industrial campus

CapRock West 202 Logistics occupies a 183-acre lot between Interstate 10 and Loop 202. Downtown Phoenix is 8 miles away, while the city’s international airport is 11 miles away.

Phase One came online in 2023 on 140 acres. It includes 2.5 million square feet across five buildings, ranging from 289,331 square feet to 1.1 million square feet. Property features include 32- to 40-foot clear heights, 1,406 vehicle parking spots and 465 trailer parking spots.

Last year, Peopleworks America Inc. signed a full-building lease for the 532,713-square-foot Building B, according to Yardi Matrix. This deal brought the campus’ first phase to 85 percent occupancy. Other tenants include Knotwood USA, Event Rents Phoenix and Oasis Cabinetry.

Located at 675 N 55th Ave., Phase Two totals 825,000 square feet across three facilities. Building F measures 301,771 square feet, Building G has 295,586 square feet and Building H comprises 227,107 square feet. The trio features 32- to 36-foot clear heights, single-load configuration and a combined 555 vehicle parking spots and 65 trailer parking spots.

Colliers’s team of Vice Chairmen Payson MacWilliam and Don MacWilliam, together with Vice President Chris Reese and Associate Casey Koziol, oversee leasing efforts at CapRock West 202 Logistics.

The Valley’s industrial development soars

Phoenix’s industrial market remained one of the most active nationwide in 2025. The metro’s under-construction pipeline encompassed 19.9 million square feet as of December, according to the latest Yardi Matrix national industrial report. The amount accounted for 4.5 percent of the metro’s existing stock and placed it on the top spot in the U.S. When adding planned projects, the index reached 12.8 percent of stock—the highest nationwide.

Meanwhile, industrial completions slowed down in the metro. Only 17.9 million square feet have come online throughout 2025, marking a 51.4 percent year-over-year decline. For context, in 2024 Phoenix led the country with 32.6 million square feet of delivered space.

One of the projects that recently got underway is West 101 Logistics Center, the 1 million-square-foot campus developed by Trammell Crow along Arizona State Route 101 and East Indian School Road. Completion is expected this summer.

As for upcoming developments, they include Provident Industrial’s 471,439-square-foot campus to rise in Phoenix’s Southwest Valley submarket. Construction is scheduled to start in the third quarter of this year.