American industrial property manager CapRock Partners has raised 700 million dollars (605 million euros) for its first development fund.
CapRock Partners said the amount raised by CapRock Logistics Venture exceeds the fund’s initial target of $ 450 million.
CapRock Logistics Venture is seeded with new large-scale industrial real estate projects and will fund nearly $ 2 billion worth of projects in the western United States, totaling 15 million square feet. The seed portfolio includes CapRock’s Palomino Business Park, Saddle Ranch Business Park, Phase 2 and I-15 logistics asset, the manager said.
CapRock Logistics Venture marks an expansion of CapRock’s fund strategy, which previously focused on value-added investments. In January, CapRock raised $ 250 million for CapRock Partners Industrial Value-Add Fund III, the manager’s third US industrial value fund.
Jon Pharris, Co-Founder and Chairman of CapRock Partners, said CapRock Logistics Venture has garnered strong interest and participation from some of the world’s largest institutional investors and sovereign wealth funds.
“The successful closure of the vehicle validates our proven investment strategy, which focuses on developing large-scale Class A logistics facilities and acquiring value-added mid-market properties in the western United States. United and Texas.
“Through this business, we have the opportunity to strategically expand our geographic presence and capitalize on our strong development pipeline, which is particularly important as significant development is needed to address the supply chain issues that continue to weigh heavily on us. on the economy of our country, “said Pharris.
Patrick Daniels, Co-Founder and CEO of CapRock Partners, said: “Our business has grown steadily from the start, and the strong stake in CapRock Logistics Venture combined with the continued diversification of our investor base consolidates CapRock as a as a leading investor in and developer of high quality logistics assets in the United States.
Hodes Weill Securities acted as global investment agent and financial advisor to CapRock.
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