CapRock Partners Leases 1.27 Million SF at Central Point III to Undisclosed Global Corporate Tenant, JLL Brokers Deal

CapRock Partners has fully leased Building 1 at its Central Point III development in Visalia, California, to an undisclosed global corporate tenant, the Newport Beach-based industrial developer announced July 22, 2026. The 1,270,750-square-foot commitment, brokered by JLL, ranks among the largest industrial lease transactions completed in California's Central Valley in recent years.

Deal Details: A Mega-Box Lease in the Central Valley

Building 1 at CapRock Central Point III, located at 4001 N. Plaza Drive, is a Class A cross-dock logistics and distribution facility spanning approximately 75 acres. The building features 40-foot clear heights, 274 dock-high doors, two ground-level doors and approximately 6,600 square feet of office space. Additional specifications include ESFR sprinklers, 185-foot truck court depths, 542 excess trailer parking stalls and 890 automobile parking stalls — a configuration designed to support high-volume logistics operations.

The property provides direct access to State Route 99 and regional transportation networks connecting to Interstates 5 and 80. According to CapRock, the location enables tenants to reach more than 50 million consumers within a one-day ground shipping radius.

The lease was facilitated by Mike Fowler, executive managing director at JLL, along with JLL partners Mike McCrary and Mac Hewett. Financial terms of the transaction were not disclosed.

Central Point III and CapRock's Broader Masterplan

Building 1 is the first structure within Central Point III, a four-building, 2.7-million-square-foot speculative industrial development. The project is part of CapRock's larger Central Point masterplan, a 5-million-square-foot, LEED-certified industrial campus in Visalia. The Building 1 lease represents the third major lease transaction completed within the broader Central Point masterplan.

CapRock now owns approximately 3.5 million square feet in the Central Valley, with additional land reserved for future phases of Central Point. The firm's total investment and development pipeline exceeds 35 million square feet of industrial real estate across the Western and Central United States.

"CapRock Central Point III is designed for the next generation of supply chain strategy," said Monique Snowden, vice president of asset management at CapRock Partners. "Today's occupiers are looking for strategic locations that can help them move faster, operate more efficiently and scale with confidence. Visalia delivers a rare combination of access, labor and capacity, and this Building 1 lease further validates the Central Valley's emergence as a prime logistics hub serving the West Coast and beyond."

Visalia's Industrial Market

Visalia has attracted a range of large industrial occupiers in recent years, including UPS, Amazon, Ace Hardware, Smucker's, VF Corporation, FedEx and International Paper. The market offers industrial land at a cost advantage relative to Southern California's Inland Empire, along with a growing labor force and direct access to major transportation corridors. Asking rents for comparable modern product in the Central Valley remain below Inland Empire rates, making the region attractive to large occupiers seeking to optimize distribution costs while maintaining access to the West Coast consumer base.

Large-block, Class A cross-dock space of 1 million square feet or more remains limited in the Central Valley, a supply dynamic that has supported leasing activity at CapRock's speculative Central Point campus. The region's position along State Route 99 — with connections to both I-5 and I-80 — allows distribution operators to serve California's major population centers as well as broader Western U.S. markets from a single facility.

"The Building 1 lease transaction represents a broader evolution taking place across the supply chain, as occupiers seek greater resiliency, speed to market and long-term operating advantages," said Bob O'Neill, executive vice president at CapRock Partners. "The Central Valley is a compelling alternative for companies looking to optimize distribution networks while maintaining access to the West Coast's largest consumer base. CapRock continues to invest in facilities that not only meet the sophisticated needs of global tenants but also generate meaningful economic benefits and employment opportunities throughout the region."

CapRock's Multi-Market Industrial Strategy

The Visalia lease is one of several large-scale transactions CapRock has announced across its platform. The firm recently secured a 597,357-square-foot lease at CapRock West 202 Logistics in the Phoenix market and has broken ground on a 483,128-square-foot industrial warehouse in East Dallas as part of an expanding Texas presence. CapRock also recently broke ground on McKinney Air Business Park in McKinney, Texas, further extending its Central and Western U.S. development pipeline.

Founded in 2009, CapRock Partners specializes in acquiring middle-market value-add industrial assets and developing large-scale, institutional-quality Class A industrial warehouse facilities across the Western and Central United States.

Sources

CapRock Partners – Global Tenant Commits to 1.27 Million Square Feet at CapRock Partners' Central Point III in Visalia (July 22, 2026)