PHOENIX, AZ (April 20, 2026) — CapRock Partners has secured a 597,357-square-foot lease across two warehouse buildings at CapRock West 202 Logistics – Phase 2, one of the largest industrial lease announcements reported in metro Phoenix this month. The tenant was identified only as a global advanced energy storage systems manufacturer.
The lease covers Buildings F and G, totaling 301,771 square feet and 295,586 square feet, respectively, and pushes the 3.4 million-square-foot Class A campus to approximately 82% leased, according to CapRock.
Located along the Loop 202 South Mountain Freeway at the intersection of Interstate 10 and Loop 202, CapRock West 202 Logistics spans 183 acres and is positioned as the first large-scale logistics campus along that corridor. CapRock says the project is Phoenix’s largest speculative industrial development.
Phase 2 was completed in December 2025 and includes three warehouse buildings totaling 825,000 square feet on 43 acres in the Southwest Phoenix industrial submarket. The newly leased buildings were designed for large industrial users and include 36-foot clear heights, 47 dock-high doors per building, drive-in ramp access, speculative office suites, full-building HVAC, LED lighting, dock equipment, and high-performance insulation systems.
In announcing the deal, CapRock executives said the lease reflects ongoing demand for large, modern industrial space tied to reshoring, nearshoring, advanced manufacturing, and logistics growth in the Phoenix market. The project’s location allows users to access major regional transportation corridors while avoiding the congestion of the I-10/I-17 interchange, with connectivity to Southern California ports, Tucson, and the Mexican border.
The lease also arrives as Phoenix industrial market fundamentals showed fresh momentum in the first quarter of 2026. CBRE reported that metro Phoenix posted 4.9 million square feet of net absorption in Q1, with just 1.4 million square feet of deliveries, the lowest quarterly delivery volume since Q1 2019. Asking rents rose to $1.06 NNN per square foot, while vacancy declined 80 basis points to 10.2%.
Payson MacWilliam, Don MacWilliam, and Casey Koziol of Colliers represented CapRock in the transaction and continue to lead leasing at the project. Lease terms were not disclosed.