CapRock buys 3-acre industrial site in Pico Rivera for redevelopment

CapRock Partners has purchased a 3-acre industrial site in Pico Rivera, with plans to redevelop it. 

The industrial-focused developer bought the site at 8226 Whittier Boulevard, which includes a 31,000-square-foot warehouse, another 26,000 square feet of light manufacturing space and a secure storage yard, according to L.A. Business First. Terms of the deal were not disclosed.

Currently the property, called Olive Tree Industrial, is used for industrial outdoor storage.

The firm plans to renovate the site into a single-tenant property and market it for lease to a variety of different tenants, according to CapRock. The site is located between the 10, 5 and 605 freeways. 

Over the last few years, CapRock has focused on spending between $20 million and $100 million buying industrial warehouses across the Western and Central U.S. 

In December, CapRock scored a $50 million loan to build a 270,000-square-foot warehouse in Pomona, which will include 46 trailer stalls and 129 car parking spaces.

This month, CapRock bought 22 acres in Moreno Valley — a site part of the World Logistics Center master plan in the city — for industrial development.

Demand for industrial properties has cooled slightly, as Los Angeles, the Inland Empire and Orange County have all seen an uptick in warehouses coming onto the market. 

The vacancy rate for industrial properties across L.A. County rose to 3.8 percent in June, up from 2.3 percent the previous year and 1.7 percent in 2021, the Los Angeles Business Journal reported.

Rents, however, are still rising. Asking monthly rents for industrial properties in L.A. were $1.87 per square foot this month, up from $1.73 last year and $1.22 in 2021, according to data from brokerage Avison Young.