Newport Beach-based CapRock Partners bought a 130,800-square-foot Class A industrial building in Phoenix.
CapRock paid $11.9 million for the property, according to the CRE industry website traded.co. The seller was Sun State Builders.
“The acquisition of 5810 W. Buckeye Road represents an opportunity to meet the ongoing demand for quality industrial space in infill areas in Phoenix and expand CapRock’s portfolio in the region,” said Jon Pharris, co-founder and president of CapRock Partners.
The property has been pre-leased by Metrie Inc., a manufacturer and supplier of solid wood and composite molding.
Construction on the new building was completed earlier this year with Metrie set to take occupancy by summer.
Don MacWilliam and Payson MacWilliam of Colliers International represented CapRock Partners in the marketing of 5810 W. Buckeye Road. Metrie was represented by Mark Seale with Avison Young.
More Western properties for CapRock
CapRock Partners also announced it has wrapped up work on two Class A industrial distribution facilities in Las Vegas.
The facilities span a combined 700,000 square feet.
Tropical Logistics Phase II has three single-tenant buildings in 442,780 square feet. The firm said all of the buildings are pre-leased though it declined to provide the tenant names.
Spanish Ridge Industrial Park also has three buildings for a total 230,899 square feet and is partially pre-leased.
“Newly completed, well-located projects such as Tropical Logistics Center Phase II and Spanish Ridge Industrial Park are benefiting from Las Vegas’ limited supply of new industrial development and the continued high demand from occupiers,” said Jon Pharris, co-founder and president of CapRock.
CapRock, with $2.7 billion of assets under management or advisement, said it is actively buying industrial properties in the western and central U.S., typically investing $20 million and $100 million per acquisition.
Industry people on the move
Snyder Langston has a new executive team, appointing Jason Rich as its chief executive officer, Lee Watkins as president and chief operating officer, and Jo-E Lopez as chief relationship officer. The announcement for the 64-year-old commercial and multifamily building company comes as it enters year eight of a 10-year succession plan. Rich joined Snyder Langston in 2002, Watkins in 2013 and Lopez in 2006.
Kellie Reed has been promoted to vice president of sales and healthcare at Tangram Interiors’ Newport Beach office. She first joined Tangram in 2012 as general manager in the Central Valley market and then shifted three years ago to Orange County director of sales. The firm said Reed was a key player in establishing its presence in the Central Valley when she also acquired responsibility for Tangram’s Bakersfield operations.
Bea Kissinger has been promoted to operations manager at Newport Beach-based P11, a creative agency that works in the real estate trade. She began her career at P11 in 2012. Kissinger oversees client invoicing, accounting procedures and payroll.
Mike Ruppert is Newmark’s new senior vice president of property management for Southern California. He has 30 years of experience in commercial real estate services, client relationship management and property management.
Bill Roberts has joined Irvine-based Ware Malcomb as its general counsel. In this new role, he will oversee the firm’s legal functions. Roberts also is a member of the advisory council of the Risk Management Program at the USC.
Rancho Mission Viejo executive Paul Johnson has retired as executive vice president of community development at the homebuilder. (Courtesy of Rancho Mission Viejo)
Milestones
Rancho Mission Viejo executive Paul Johnson has retired from his role as executive vice president of community development at the homebuilder, effective March 31.
A part of the leadership team at The Ranch for more than 35 years, Johnson played a key role in creating the master-planned community.
“Paul’s imprint upon the Rancho Mission Viejo community has been significant and meaningful,” said Anthony (Tony) Moiso, chairman and chief executive officer at Rancho Mission Viejo. “He took to heart and implemented the wisdom of my grandmother Daisy O’Neill, who noted ‘Take care of the land and the land will take care of you.’ We have all benefited from his dedication, creativity and vision and multi-faceted expertise. We are enormously grateful to Paul for his many contributions.”
TMG expands offices to Vegas, New Mexico
Costa Mesa-based The Mogharebi Group has expanded its Western presence to Las Vegas and Albuquerque.
The brokerage founded in 2016 by Alex Mogharebi said it has closed $8 billion in transactions for a combined 75,000 apartment units throughout California, the Pacific Northwest and the mountain states.
TMG in two years has expanded to Salt Lake City and Seattle. The latest office expansion brings the firm to 8 offices throughout the West.
Bill Ketcham and Robert Gallegos, with a combined 45 years of real estate investment experience, will lead the two offices. Ketcham joins the firm as vice president and will lead the Las Vegas office. Gallegos joins TMG as senior vice president to lead the Albuquerque office.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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