BET Investments Breaks Ground on Major Industrial Project

Buckeye I-10 Logistics. Image courtesy of BET Investments

BET Investments has broken ground on Buckeye I-10 Logistics, the largest industrial campus underway alongside Interstate 10 in Buckeye, Ariz. Butler Design Group is the architect of the 145-acre project, while Layton Construction serves as general contractor.

Initially dubbed Verrado Logistics Center, the 2.2 million-square-foot development will come online in three phases. The developer has already started construction on the 641,000-square-foot Phase I, with completion slated before the end of the year. Work will begin on Phase II, a building of roughly 1.2 million square feet, in the third quarter of 2022. Phase III will encompass 450,000 square feet.

Buckeye I-10 Logistics is taking shape at the intersection of Interstate 10 and South Verrado Way. At full build-out, the distribution campus will feature warehouses with 40-foot clear heights, 60-foot speed bays and 190-foot concrete truck courts. Cushman & Wakefield Vice Chairman Andy Markham and Vice Chairman Mike Haenel will spearhead the leasing efforts at the property.

The development site is some 26 miles west of downtown Phoenix and 10 miles northeast of downtown Buckeye. The location is east of The Howard Hughes Corp.’s 37,000-acre site of a future master-planned community.

Industrial development in Buckeye

Buckeye is proving to be an ideal location for industrial development, with more and more companies choosing the Phoenix suburb to build distribution spaces or production facilities. The city is within a foreign trade zone and located near Interstate 10 and several freeways, and many of the area’s industrial properties are served by the Union Pacific railroad.

Earlier this month, Funko Inc. signed a 958,000-square-foot lease at a warehouse located on Miller and Lower Buckeye Roads, near the Five Below distribution center. The lifestyle brand will relocate several of its Washington distribution centers, consolidating their operations into one main facility in Arizona.

KORE Power has plans for a battery production facility to take shape on 214 acres south of Interstate 10. The manufacturer intends to break ground on the 1 million-square-foot KOREPlex factory by the end of the year.

In terms of planned projects, Missouri-based US Capital Development aims to bring some 2.7 million square feet of industrial space to the area, on a 163-acre site situated at the intersection of McDowell and Perryville Roads. Dubbed Paloma Vista Logistics Center, the project is still under the local authorities’ scrutiny.

Greater Phoenix continues to lead the nation in terms of industrial development. According to a recent CommercialEdge report, the metro had more than 36.3 million square feet underway as of February, representing 12.9 percent of stock.