West Valley Logistics Center will be completed in late 2024. Image by Douglas Franz Architects, courtesy of Stream Realty Partners
CapRock Partners has hired Stream Realty Partners as exclusive leasing agent for its West Valley Logistics Center, a 269,780-square-foot Class A industrial development in Pomona, Calif. The property is currently under construction and is expected to come online in 2024’s third quarter. Douglas Franz Architects is the designer, while the general contractor in charge is Fulcrum Construction.
CapRock purchased the development site in December 2020, through its $250 million Industrial Value-Add Fund III. One year later, the company also landed a $50 million construction loan, originated by JPMorgan Chase.
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Stream Realty Partners Executive Vice Presidents Wes Hunnicutt and Matt Moore, together with Associate Mike Torres, will be in charge of marketing West Valley Logistics Center for lease.
West Valley Logistics Center is taking shape at 4200 W. Valley Blvd. It is a speculative project designed to gain LEED certification, planned to include 40-foot clear heights, 28 dock-high doors, a two-story office component totaling 10,000 square feet, secure dual access with drive around capabilities, 130 vehicle parking spots and 45 trailer parking spots.
The 12.5-acre industrial development is close to the Interstate 10 and State Route 57 interchange, 17 miles from Ontario International Airport, 28 miles from downtown Los Angeles, 44 miles from Port of Los Angeles and within 47 miles of Port of Long Beach. West Valley Logistics Center’s location also allows for quick access to major transportation routes in Southern California. Other nearby large industrial users include FedEx, Ryder Logistics, NFI Industries and Williams Sonoma.
Bullish on California’s industrial market
CapRock Partners has multiple industrial projects in various stages of development in California. In August, the developer commenced construction on CapRock Central Point III, a four-building 2.7 million-square-foot industrial campus in Visalia, Calif. The project’s first building is scheduled for delivery in late 2024.
In June, the company announced its plans for a 500,000-square-foot warehouse that will be developed within the master-planned World Logistics Center in Moreno Valley, Calif. It also brought online Palomino Ranch Business Park’s Phase I and Saddle Ranch South, two industrial projects in Norco, Calif, which encompass 1.1 million square feet of space.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreBrokerage, Development, Industrial, Los Angeles, News, West, CapRock Partners, Fulcrum Construction, JPMorgan Chase, Stream Realty Partners Commercial Property ExecutiveCapRock financed the development with a $50 million construction loan.
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