CapRock Partners has raised $180m (€165.6m) for its third US value-add industrial real estate fund.
The manager said the CapRock Partners Industrial Value-Add Fund III fund and co-investment vehicles received the capital commitments from institutional investors, pension funds and family offices, at its first and subsequent second closing.
The fund will focus on the acquisition of middle-market, value-add industrial properties, typically between $20m to $50m per acquisition, across California, Nevada and Arizona.
The value-add fund was seeded with several pre-specified industrial assets totalling more than 1.1m sqft, CapRock said, adding that the fund still has approximately 90% of the commitments available for investment.
Jon Pharris, co-founder and president of CapRock Partners, said: “Value-add industrial is the heart of CapRock Partners.
“It’s our roots and we leverage our deep experience and longstanding industry relationships to access a robust pipeline of value-add investments that generate proven financial results for our investors and strategic partners year after year.”
Pharris said e-commerce has exploded in the last decade, driving strong demand for industrial and logistics; the COVID-19 pandemic has only fueled the online shopping category exponentially.
“For this and other reasons, we anticipate continued demand for industrial in key Southwest markets and we stand at the ready with discretionary capital to selectively acquire value-add properties and execute our proven formula to unlock value.”
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