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Industrial market continues to tighten in Southern California
PLACENTIA, CALIF., Jan. 22, 2013 – CapRock Partners today announced it has acquired six industrial buildings totaling 90,080 square feet in Placentia, Calif. in an off-market transaction. The buildings are within the Melrose Industrial Park, an 11-building industrial development fronting the SR 57 freeway just south of Orangethorpe Avenue in North Orange County’s industrial district known as “The Canyon.”
Christie Development Company’s Steve Christie represented the buyer while Jones Lang LaSalle Orange County's Zach Niles provided acquisition advisory support. Miles Sterling, the seller, represented himself.
”The Canyon is one of the tightest submarkets in Orange County and this property, with its freeway frontage and easy accessibility from the 57 and 91 freeways, stands to benefit as the Orange County economy continues to improve," said Jon Pharris, principal at CapRock Partners. "The seller needed a year-end close and with our market knowledge and financial capabilities we could provide Mr. Sterling with that peace of mind.”
"Orange County remains one of the tightest and most sought after industrial markets," said Niles. "Improving economic conditions and historically low interest rates are fueling demand from both investors and users alike."
With this acquisition, CapRock closed out 2012 with a portfolio value approaching $100,000,000 with properties throughout Southern California and the greater Silicon Valley – all acquired since 2010. CapRock has proven itself to be a leader in the middle market space targeting properties valued between $5 - $25 million and with its expertise and financial strength can provide certainty of close for both sellers and brokers. CapRock is aggressively looking for additional acquisition opportunities throughout California.
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About CapRock PartnersCapRock Partners invests in high quality non-stabilized California industrial real estate. Since its formation, CapRock has acquired a portfolio valued in excess of $85,000,000 throughout Southern California and the greater Silicon Valley with plans to invest in excess of $75,000,000 in the next twelve months. CapRock’s core platform focuses on strategic acquisitions and pro-active asset management of institutional quality multi-tenant buildings, business parks, vacant buildings, partially occupied properties and non-performing notes throughout California valued between $5 – 25 Million per asset. For more information about CapRock Partners please visit its website at www.caprock-partners.com or contact Jon Pharris for acquisition opportunities at 949-342-8000.
About Jones Lang LaSalleJones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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