CapRock, Peninsula Gain $45M in Equity

TUSTIN, CA—Bridgeport Investments, based here, has arranged two lines of equity for California property companies totaling $45 million.

CapRock Partners, based in Irvine, Calif., gained $35 million in equity to fund several future acquisitions of industrial properties in California, which may include buildings, land, or non-performing loans. Depending on the amount of debt used, CapRock has the capability to acquire up to $75 million worth of properties. CapRock has already completed its first acquisition under the new commitment, a 90,000 sq. ft. multitenant business park in Placentia, Calif., for a total consideration of $9.3 million.

“Our firm worked to structure this financing with flexibility for our client, ensuring that the approval process for future acquisitions will be efficient and competitive in the marketplace,” says Randy Bramel, founding principal at Bridgeport. “CapRock’s ongoing strategy is centered around acquiring various industrial properties, and the commitment provides the ability to complete all-cash transactions and purchase properties at foreclosure sales.”

Bridgeport also secured a $10 million equity commitment from a private family office on behalf of Peninsula Retail Partners, a private retail development firm headquartered in Newport Beach, Calif. the capital provider is willing to look at various types of retail developments, from single tenant ground leases to new shopping center construction. Peninsula has already acquired its first project under the new equity financing commitment: a ground lease for a national credit tenant in Utah. The second project, also in Utah, is in the process of being acquired.

“Because of this flexibility, and depending on the amount of debt used, Peninsula has the capability to develop up to $35 million of properties,” says Bramel. “The $10 million equity commitment will fund 100 percent of the anticipated equity capital required for each project. As properties are acquired that require debt, Bridgeport will be securing that capital as well.”

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