Next Industrial Hot Spot?
Rialto wants to be the Inland Empire's next go-to industrial zone. CapRock broke ground on two fully entitled distribution centers totaling more than 1M SF, located one mile apart near the 210, 15, and 10 freeways; an existing building is being demolished to make way for the 609k SF CapRock Distribution Center I. The same day, CapRock broke ground on the 428k SF I-210 Industrial Center. (Lowe's may be out of shovels.) The two projects will create 250-plus permanent jobs and expand Rialto's tax basis by $60M. Pictured: CapRock Partners acquisitions director Jon Pharris, CEO Jerry Pharris and COO Pat Daniels (far right) and Rialto Mayor Deborah Robertson and Mayor Pro-Tem Edward Palmer.
The CapRock folks have invested in the Rialto area for more than 30 years, but the company isn't done there. The value and industrial investment firm snapped up 65-plus acres of dairy land in Ontario, with plans to entitle 1.3M SF of big-box industrial buildings. Ontario is still the epicenter for industrial in SoCal, says Jon (snapped last month at Bisnow's Industrial Real Estate Summit), and the site is one of the IE's last infill locations. Located at the northeast corner of Remington and Carpenter, the property borders the City of Chino, just east of the Chino Airport. It's also in a good neighborhood, adjacent to where Watson Land plans to build several million feet of industrial space.
Jerry expects the development to benefit from large corporations' growing desire to reduce costs by consolidating multiple facilities into big-box locations. Daum's Eric Fikse and Rick John repped the seller.