CapRock Acquires Newly Built Industrial Park in Chandler, Arizona

Article originally posted on CoStar on March 28, 2024

CapRock Partners, a California-based privately owned investor and developer of industrial properties, has expanded its holdings in Phoenix by acquiring the four-property Chandler Airport Business Park for $42.57 million, or $133.57 per square foot.

The Class A park was just completed this year by the seller, an affiliate of Arizona-based Sun State Builders.

The property is comprised of four industrial warehouses ranging between 56,000 and 104,000 square feet. The buildings are situated on 20 acres at 2800 and 2850 S. Cooper Road as well as 1900 and 1950 E. Queen Creek Road.

“CapRock’s acquisition represents our firm’s strategic approach in increasing its presence in the Phoenix industrial market, which continues to experience robust demand driven by the area’s sustained population and economic growth,” Bob O’Neill, senior vice president of acquisitions at CapRock Partners, said in a statement. He added that tenant interest in the business park is strong and that final interior upgrades are in the works, including the installation of warehouse HVAC, LED lighting and dock-high loading packages.

CapRock was represented by Stein Koss, Tom Louer and Fenton Kelly of Lee & Associates, who are now handling the leasing of the park.