Inland Empire Industrial's a Hot Commodity. Here's Why.
The appetite for new industrial buildings is strong throughout Southern California, especially in the Inland Empire. OC-based CapRock Partners recently sold the 428k SF building at 1508 West Casmalia St in Rialto to Prologis. Construction on the property had just been completed at the end of summer. Prologis—which was already a major industrial space player in the IE at 41M SF—"recognized the unique nature of the opportunity to add to its significant holdings in this submarket,” CapRock president Jon Pharris (right, snapped at a Bisnow event with Aaron Hill) tells us.
The building is part of a larger CapRock Partners project that encompasses 45 acres and two large-scale industrial buildings totaling more than 1M SF. Brian, along with colleagues Paul Earnhart and Jeff Smith, and Ryan Lal at Lee & Associates, repped both CapRock and Prologis. CapRock plans more industrial development in the market, with more than 6M SF in its pipeline, Jon says.