Taking advantage of North Texas’ fast growth and position as the nation’s fourth largest market, CapRock Partners, a Southern California-based industrial real estate investor, developer, and asset manager, is expanding into Texas with a new office in the Dallas area.
With nearly 30 million square feet of large-scale logistics developments built, acquired, entitled, or in the pipeline, CapRock aims to start construction on another 10 million SF in 2022. The company, which added offices in Phoenix and Northern California in 2020, develops Class A industrial real estate assets and modernizes dated properties to meet current needs.
“The Dallas/Fort Worth Metroplex is a vital North American logistics hub and CapRock is excited to officially establish a presence here,” said Jon Pharris, company co-founder and president, in a statement. “Our executive leadership has deep roots in Texas, and we’re mindful of the state’s unique culture and values, which are built into the foundation of our firm. As we integrate into the DFW industrial real estate market, CapRock is looking to build a robust local team to execute on our development and investment strategies.”
Dallas-Fort Worth is a critical node in the supply chain
With a population of more than 7.6 million, the Dallas-Fort Worth-Arlington metropolitan statistical area (MSA) is the most populous metro area in Texas and in the southern United States. The MSA added more than 1.2 million residents since 2010, an increase of 20 percent. Its size and central location have made it a critical node in the North American supply chain, providing excellent connectivity through intermodal, rail, trucking, and air transport, CapRock officials said.
The booming DFW industrial real estate market that went into overdrive after COVID hit in 2020 continued its fast-paced growth in 2021, with 23.9 million SF absorbed by the end of Q3, according to Cushman & Wakefield.
CapRock CEO plans ‘world-class logistics facilities’
CapRock co-founder and CEO Patrick Daniels says CapRock plans to establish a footprint in Dallas/Fort Worth before targeting opportunities in the Houston and San Antonio/Austin areas.
“CapRock is committed to supporting the growth and development of the U.S. supply chain through the creation of world-class logistics facilities,” Daniels said in the statement. “CapRock established itself in the Southern California, Phoenix and Las Vegas industrial markets, and in 2020, our firm was one of the most active developers in those markets.”
“In applying our well-known entrepreneurial approach and our team’s robust experience and expertise, CapRock will be delivering more institutional-quality industrial real estate assets in Texas,” the CEO added.
CEO has Texas roots, worked for Trammell Crow and Hillwood
Daniels, who received a bachelor’s degree in civil engineering and MBA from the University of Texas at Austin, said, “As someone with strong Texas roots, who worked the first 12 years of my career at Trammell Crow Company and Hillwood, two significant Dallas-based real estate corporations, I have always had a great appreciation for Texas’ unique culture and values.”
CapRock recently closed its oversubscribed CapRock Logistics Venture I, which is already nearly fully allocated and will fund an almost $2 billion pipeline of Class A industrial development in California, Arizona, and Nevada.
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