Greystar Lands 1st Industrial Tenant at $500M Phoenix Mixed-Use
At full build-out, the property will also include residential and retail spaces.
Gateway Classic Cars has signed to become Greystar’s first tenant at the Class A three-building Caliber by Greystar industrial development in Peoria, Ariz.
Reportedly the world’s largest classic car sales company, Gateway currently operates 20 U.S. sales showrooms, as well as an online sales platform, all focused on classic, exotic, muscle, vintage and antique cars.
The company will occupy 43,809 square feet in Caliber’s 122,863-square-foot Building B. The 411,918-square-foot industrial campus also includes the 114,446-square-foot Building A and the 174,609-square-foot Building C.
Anthony Lydon, John Lydon, Hagen Hyatt and Kelly Royle of JLL represent Greystar as the exclusive leasing brokers for Caliber. Hyatt and Sam Wetherby, also of JLL, represented the tenant.
The industrial component of a mixed-use development
Caliber is the industrial component of Greystar’s $500 million, 88-acre Peoria Place master-planned development. At full build-out, the mixed-use property will include luxury apartments, build-for-rent homes and ground-floor retail in Peoria’s historic downtown.
The three industrial buildings were the first to get underway at Peoria Place, in May 2023. The mixed-use master plan is intended in part to revitalize downtown infill land and started rolling forward meaningfully back in 2020, when the city government approved rezoning.
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The buildings are at 9303, 9451 and 9595 N. 79th Ave. and feature 32-foot clear height, 50- by 52-foot column spacing, LED lighting, ESFR sprinklers and 190-foot truck courts. The warehouses also include speculative office space with conference rooms, break rooms, open and private offices.
In addition, the electrical infrastructure of each facility offers tenants the opportunity to double their power capacity from 3,000 to 6,000 amps, supporting such capabilities as roof-mounted solar systems and EV charging stations.
Caliber is at the southwest corner of 79th and Grand avenues, directly along U.S. Route 60, 2 miles from Loop 101. The location has quick access to the Westgate Entertainment District, State Farm Stadium and Pioneer Community Park, an 83-acre public space with dog parks, an urban lake, public art and more than 10 lighted fields for various sports.
Desert emptiness
The metro Phoenix industrial space market saw 36 buildings totaling 9.6 million square feet delivered in the third quarter, according to a recent report from JLL. The 7 million square feet of this new supply that came onto the market vacant pushed overall vacancy up by 160 basis points quarter-over-quarter.
“Notably, properties built since 2023 account for nearly 75 percent of total availability, highlighting the rapid transformation of Phoenix’s industrial stock,” JLL reported. “Infill submarkets with older inventory and limited land availability have seen less speculative development and continued to maintain lower vacancy rates.”
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