CapRock pays $46M for newly built industrial park in Chandler

CapRock Partners has picked up a newly built industrial campus outside Phoenix for $45.5 million.

The Newport Beach-based industrial investor bought the four-building Chandler Airport Business Park at 1900 and 1950 East Queen Creek Road and 2800 and 2850 South Cooper Road in Chandler, the Phoenix Business Journal reported.

The seller was Chamberlain Development, an affiliate of Tempe-based Sun State Builders, the general contractor that built the park.

The deal for the vacant 318,700-square-foot industrial campus southeast of Phoenix works out to $143 per square foot. No leases have been signed for the buildings.

The 20-acre industrial campus at Cooper and Queen Creek roads south of Chandler Airport is  seven miles from Intel’s Ocotillo campus. The semiconductor giant is now building two factories in a project valued at $20 billion.

“For the last three years we have been scouring sites around the Chandler Airport area,” Bob O’Neill, CapRock’s senior vice president of acquisitions, told the Business Journal. “We’ve been very interested in having investments in the Chandler area just due to the strong demographics and obviously everything going on with Intel.”

O’Neill said CapRock will add further tenant improvements in HVAC, LED lighting and more.

Brokers Stein Koss, Tom Lauer and Fenton Kelly of Lee & Associates handled the sale, and now hold the lease listing. 

Late last year, the Southern California investor bought a nearly 250,000-square-foot industrial facility in Phoenix for $20.4 million.

At the same time, CapRock completed the first phase of West 202 Logistics, a 3.4 million-square-foot industrial park planned at 59th Avenue and Van Buren Street in Phoenix. 

— Dana Bartholomew

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