CapRock Partners has snagged a $50 million loan to build a 270,000-square-foot warehouse in Pomona.
The Newport Beach-based industrial developer secured the financing to build the warehouse at 4200 West Valley Boulevard, the Los Angeles Business Journal reported. The lender of the money, and terms of the loan, were not disclosed.
The distribution warehouse will be set on 12.5 acres two miles from the 60 Freeway and 57 Freeway interchange.
Plans call for a warehouse with 40-foot clear heights, 28 dock-high doors, two grade-level doors, 129 car spaces and 46 trailer stalls. It’s not clear when construction will be completed.
The non-recourse construction loan was arranged by Greg Brown, Peter Thompson and Sam Godfrey of Jones Lang LaSalle.
Demand is up for distribution warehouses across Southern California.
The industrial vacancy rate for the Los Angeles region was 0.8 in the third quarter, with year-to-date rental growth reaching 23.6 percent, according to a Los Angeles Industrial Insight report by JLL.
The CapRock warehouse development is among the few new last-mile development projects in Los Angeles County, according to the Business Journal.
CapRock Partners has $2.6 billion in assets under management and 30 million square feet of land acquired, developed and entitled for warehouse development, according to its website.
Among its many industrial projects, the company has a 183-acre, eight-building speculative industrial project under construction in Phoenix.
Closer to home, the firm broke ground in April on an industrial master plan that includes 2 million square feet of warehouse space in 24 industrial buildings on 112 acres in Norco, an equestrian-based city in the Inland Empire.
— Dana Bartholomew
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