By Kelsi Maree Borland for GlobeSt.com
The pandemic isn’t deterring investment in Phoenix, at least not for CapRock Partners. CapRock has pinpointed Phoenix as a target market for industrial investment and development, and it expects the market to continue to benefit from longstanding population and job growth trends, despite the pandemic.
“The demand drivers of Phoenix are very attractive to us,” (said) Bob O’Neill, SVP of acquisitions of CapRock Partners.
While these demand drivers were in place long before the pandemic, O’Neill says the pandemic has brought a new set of drivers that make the market attractive for investment. “We look at the factors that are driving that growth,” he says. “We are anticipating future demand from ecommerce users and retailers that survive this pandemic that are going to need additional logistics space.”
CapRock recently expanded its foothold in the market with the acquisition of two new, state-of-the-art industrial buildings. The firm now has a 1MSF portfolio in the market. “These are both brand new buildings, and they are state-of-the-art with high clear heights,” says O’Neill.
The company plans to build on these recent acquisitions as well as pursue development opportunities.
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