{"id":1004449813,"date":"2020-05-20T03:22:10","date_gmt":"2020-05-20T11:22:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004449813"},"modified":"2020-05-21T23:58:21","modified_gmt":"2020-05-22T07:58:21","slug":"caprock-partners-closes-180m-industrial-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caprock-partners-closes-180m-industrial-fund\/","title":{"rendered":"CapRock Closes Second Funding Round With $180M"},"content":{"rendered":"
\"7200<\/a>

7200 W. Roosevelt St. Image courtesy of CapRock Partners<\/em><\/p><\/div>\n

CapRock Partners has had a second closing of its CapRock Partners Industrial Value-Add Fund III, now totaling more than $180 million of committed capital in the fund and co-investment vehicles. The firm is focusing on the acquisition of middle-market, value-add industrial properties ranging from $20 million to $50 million in California, Nevada and Arizona.<\/p>\n

The second closing comes about a month after CapRock, a Newport Beach, Calif.-based private industrial investment and development firm, announced its first closing of the fund, which totaled more than $150 million of committed capital in the fund and co-invest vehicles at that time. CapRock said the fund\u2014the firm\u2019s fifth overall and third in its industrial value-add series\u2014includes commitments from institutional investors, pension funds and family offices. <\/p>\n

Jon Pharris, co-founder & president of CapRock Partners, said in a prepared statement the firm would be leveraging its experience and longstanding industry relationships to access a robust pipeline of value-add investments. California, Nevada and Arizona are consistent with the firm\u2019s core investment strategy targeting West Coast port markets and other adjacent high-growth major metropolitan areas that reap the economic benefits of the port markets.<\/p>\n

Acquisitions outlined<\/h2>\n

CapRock previously said the fund had acquired three projects and had multiple additional projects in escrow. Late last year, the fund purchased Walnut Business Park,<\/a> a 94,800-square-foot, Class A, multi-tenant industrial complex in the North Las Vegas submarket of Las Vegas, Nev., for $7.9 million from MCA Realty. Located at 3020-3060 N. Walnut Road, the two-building property is about 3 miles from Interstate 15 and 10 miles from McCarran International Airport. The firm noted it had purchased the property with significant near-term rollover and planned to renovate the industrial suites to capitalize on the lack of available units in the sub-10,000-square-foot-range in the submarket. CapRock stated it would be acquiring the adjacent 5 acres and planned to start constructing a new 100,000-square-foot Class A industrial building on the site this summer.<\/p>\n

Other acquisitions included:<\/p>\n