CapRock Partners Secures 597,357-Square-Foot Industrial Lease at Phoenix Warehouse Development

CapRock Partners has secured a 597,357-square-foot industrial lease at its CapRock West 202 Logistics development in Phoenix, the company announced April 7, 2026, advancing lease-up at what the firm describes as Phoenix's largest speculative industrial development.

The tenant, identified only as a global advanced energy storage systems manufacturer, will occupy Buildings F and G within Phase 2 of the campus — 301,771 and 295,586 square feet, respectively. The transaction brings the 3.4-million-square-foot Class A warehouse campus to approximately 82% leased. Lease terms were not disclosed.

Phase 2 Details and Industrial Real Estate Specifications

Phase 2 of CapRock West 202 Logistics, located in Phoenix's Southwest submarket, was completed in December 2025. The phase comprises three freestanding warehouse buildings totaling 825,000 square feet on 43 acres. Buildings F and G each feature 36-foot clear heights, 47 dock-high doors, drive-in ramp access, and speculative office suites. Additional specifications include full-building HVAC, LED lighting, dock equipment, and high-performance insulation systems — features the firm says support assembly, distribution, and climate-controlled operations.

"This two-building lease at CapRock West 202 Logistics underscores sustained demand for institutional-quality space in highly connected locations that supports both immediate operations and long-term economic growth," said Bob O'Neill, executive vice president at CapRock Partners. "Phoenix's industrial market continues to evolve as reshoring and nearshoring drive demand from advanced manufacturing and logistics users, with a growing emphasis on speed to occupancy, operational efficiency and long-term scalability."

Campus Scale and Strategic Location

In total, CapRock West 202 Logistics spans 183 acres and represents the first large-scale logistics campus along the Loop 202 South Mountain Freeway. The development is situated at the intersection of Interstate 10 and Loop 202, providing direct access to two of the region's primary transportation corridors. According to CapRock, the location enables tenants to bypass the congested I-10/I-17 interchange while maintaining connectivity to Southern California ports, Tucson, and the Mexican border.

The site also offers proximity to a broad labor base, with downtown Phoenix and Phoenix Sky Harbor International Airport accessible within 15 minutes and most of the metro area reachable within 45 minutes, according to the firm.

"Opportunities to deliver large-scale, infill industrial product of this caliber are increasingly rare in Phoenix, particularly as manufacturing and technology-related users expand across the region," said Payson MacWilliam, vice chairman at Colliers. "CapRock West 202 Logistics offers a unique combination of scale, connectivity and modern specifications that continues to resonate with high-quality tenants."

Brokerage and CapRock Partners' Phoenix Industrial Portfolio

Payson MacWilliam, Don MacWilliam, and Casey Koziol of Colliers represented CapRock in the transaction and are leading ongoing leasing efforts for the project.

"Phoenix is one of the most compelling industrial markets in the country, and CapRock Partners is pleased to welcome another high-quality tenant to CapRock West 202 Logistics," said Jon Pharris, co-founder and president of CapRock Partners. "We are proud to see the vision for CapRock West 202 Logistics come to fruition and will continue to deliver industrial real estate solutions that serve tenant needs, attract global investment and advance Phoenix as a leading economic center of the Southwest."

Upon full buildout, CapRock's Phoenix-area portfolio is expected to comprise approximately 7 million square feet of industrial space. The Newport Beach, California-based firm, founded in 2009, says its total investment and development pipeline has exceeded 35 million square feet of industrial real estate since inception. CapRock says it continues to pursue additional development and acquisition opportunities across the Western and Central U.S.