CapRock Starts 2M-SF Warehouse Development in SoCal
By Greg Cornfield April 8, 2022 7:35 pm
reprints
One of Southern California’s most active warehouse developers is now adding a massive 2 million-square-foot, master-planned industrial development in the region with the most demand: the Inland Empire.
Newport Beach-based CapRock Partners announced crews have broken ground on Palomino Ranch in the city of Norco, Calif., in Riverside County. The full project calls for 24 buildings on approximately 112 acres. When it’s complete, Palomino Ranch will be the largest industrial real estate development in Norco’s history.
“The Inland Empire industrial real estate market is near full occupancy as retailers and suppliers continue to shift their strategies in today’s post-pandemic economy,” Patrick Daniels, co-founder and CEO of CapRock Partners, said in a statement. “Norco is well-positioned geographically for logistics and transportation in the Inland Empire West submarket, within minutes to Orange County, and Palomino’s Phase I will be coming online at an ideal time to provide needed warehouse space.”
The project site is located at 1811 Mountain Avenue, west of Interstate 15, and approximately two miles north of the 91 Freeway. It’s approximately one hour from Los Angeles International Airport and the ports of L.A. and Long Beach.
The initial phase of the Class A development includes eight stand-alone industrial buildings totaling approximately 700,000 square feet on 44 acres. Those eight structures will range from approximately 55,000 square feet to 156,000 square feet.
Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates will lease Palomino Ranch. It’s CapRock’s third ground-up development in Norco. The firm is also constructing Saddle Ranch South — a three-building, 374,000-square-foot industrial complex across 23.8 acres, located less than three blocks north of Palomino Ranch at 3000 – 3100 Horseless Carriage Drive.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
