CapRock Partners has purchased a 3-acre industrial site in Pico Rivera and plans to redevelop it.
The industrial-focused developer purchased the site at 8226 Whittier Avenue, which includes a 31,000-square-foot warehouse, an additional 26,000 square feet of light manufacturing space and a secure storage yard, according to the company. Los Angeles Business First. Terms of the deal were not disclosed.
Currently the property is called “Olive Tree Industrial” and is used for industrial outdoor storage.
According to CapRock, the company plans to convert the site into a single-tenant property and sell it to a variety of tenants. The location is located between the 10, 5 and 605 freeways.
Over the past few years, CapRock has focused on purchasing industrial warehouses in the western and central U.S. for $20-$100 million
In December, CapRock received a $50 million loan to build a 270,000-square-foot warehouse in Pomona that includes 46 trailer stalls and 129 parking spaces.
This month, CapRock purchased 22 acres in Moreno Valley, part of the city’s World Logistics Center master plan, for industrial development.
Demand for industrial real estate cooled slightly as more warehouses came into the market in Los Angeles, the Inland Empire and Orange counties.
The Los Angeles County industrial real estate vacancy rate rose to 3.8% in June, up from 2.3% last year and 1.7% in 2021, according to the Los Angeles Business Journal.
However, rents are still going up. Monthly rents for industrial real estate in Los Angeles were $1.87 per square foot this month, up from $1.73 last year and $1.22 in 2021, according to brokerage Avison Young.
