Leading Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, announces the groundbreaking of Building 1 at CapRock Central Point III, a new LEED certified 2.7-million-square-foot, four-building speculative industrial complex in Visalia, Calif. Building 1 will bring 1,270,750 square feet of Class A logistics and distribution space to the Central Valley at completion, which is anticipated Q3 2024.
“CapRock is excited to be underway in constructing the first building at CapRock Central Point III in Visalia, a vibrant industrial market and logistics hub providing unmatched connectivity in the heart of California’s Central Valley,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “CapRock has completed multiple large-scale facilities in Visalia catering to Fortune 100 corporations, and our team brings its extensive market knowledge and track record to deliver another state-of-the-art industrial complex that provides logistics solutions, streamlines efficiency and supports regional economic growth.”
CapRock Central Point III is CapRock’s third development project within the larger 5-million-square-foot Central Point masterplan. The firm was one of the first major movers in the Visalia industrial real estate market and completed CapRock Central Point I and CapRock Central Point II in 2021 as build-to-suit developments for an e-commerce company. CapRock also sold 88 acres of land adjacent to Central Point III to UPS for the development of one of the logistics company’s largest facilities in the Western U.S. The 450,000-square-foot UPS complex is a masterplan anchor and an attractive amenity for Central Point tenants. It will serve as a resource in reducing operational costs, improving efficiency, and facilitating access to 95% of California’s population within a day’s drive.
“Visalia’s central location makes it a strategic and logical choice for companies requiring streamlined distribution to markets throughout California and the Western U.S.,” remarked O’Neill. “Designed and positioned for optimum efficiency, CapRock Central Point III will allow future tenants to reach over 50 million customers with one-day ground shipping. It is one of the only locations in the U.S. that will offer such a high level of accessibility to as large of a population base within this timeframe.”
Approximately 230 miles north of Los Angeles and 230 miles south of San Francisco, Visalia plays a central role in California’s industrial warehouse market and the broader U.S. logistics supply chain. It offers abundant land at relatively lower real estate costs compared to larger metropolitan areas nearby and boasts a robust supply of educated workers, drawing prominent companies such as UPS, Amazon, Ace Hardware, Smuckers, VF Corporation, FedEx, and International Paper, which have already established logistics facilities in the area.
Located at 4001 N. Plaza Drive, CapRock Central Point III is proximate to major Central Valley transportation including air, rail and highways. The property is easily accessible to State Route 99, which runs through the Central Valley and connects to major interstates such as I-5 and I-80. It is less than forty miles to Fresno International Airport.
“The groundbreaking of Building 1 at CapRock Central Point III represents Visalia’s advancement as a preferred location for distribution and an essential link in the U.S. logistics supply chain,” said Mike Fowler, executive managing director at JLL. “The completed project will streamline the movement of products to consumers, wholesalers, and retailers across the country and our team looks forward to CapRock delivering another world-class industrial facility in this burgeoning market.”
Fowler and his partners at JLL, Mike McCrary and Mac Hewett are leading the leasing efforts for CapRock Central Point III.
Building 1 encompasses approximately 75 acres within the CapRock Central Point III project site and is designed to meet LEED Silver certification. At completion, the cross-dock warehouse will feature 40-foot clear height, 274 dock-high doors and two ground-level doors. It will include approximately 6,600 square feet of office space, ample power, ESFR sprinklers and 890 auto parking stalls. With a fully secured fenced yard, the property will provide drive-around access, a truck court depth of 185 feet, dedicated truck circulation and 542 excess trailer parking stalls.
Designs for CapRock Central Point III’s Buildings 2, 3 and 4 are complete and approved. They are flexible to accommodate build-to-suit options for future tenants.
ABOUT CAPROCK PARTNERS
Founded in 2009 in Newport Beach, Calif., CapRock Partners is a privately owned investor and developer of industrial real estate in the Western and Central United States. With approximately $2.9 billion of assets under management or advisement as of June 30, 2023, the company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development and middle market value-add assets across the Western and Central U.S. Since inception, its total investment and development pipeline exceeds 30 million square feet of industrial real estate. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.
