Creation, Clarion Eye $250M Phoenix Project
Construction on Park Algodon is scheduled to begin later this year.
LGE Design Build is leading the construction of the two-phase project. Image courtesy of Creation
Creation, in a joint venture with Clarion Partners, has acquired nearly 100 acres from John F. Long Properties for the development of Park Algodon, a 1.3 million-square-foot industrial and retail project in Phoenix. The purchase marks the first partnership between the two firms.
CEO Greg Vogel and Advisor Max Xander with Land Advisors represented both the buyer and seller in the transaction.
The developers plan to break ground on the $250 million project by the end of the year, with completion expected in late 2025. LGE Design Build is leading the construction process for the two-phase development.
READ ALSO: What’s Ahead for Industrial?
Upon completion, the first phase of the complex is set to include four industrial buildings totaling 670,000 square feet, while the second phase will feature a single 556,000-square-foot facility. Park Algodon will be taking shape at the northwest corner of Loop 101 and Indian School Road, near Interstate 10 and some 15 miles east of downtown Phoenix.
Separate from the partnership with Clarion Partners, Creation is also developing The Shops at Park Algodon, which will feature 14,000 square feet of restaurant and retail space, spread across 7 acres. Principals Matt Milinovich and James DeCremer with Avison Young will handle leasing for this additional project.
Creation’s Phoenix industrial presence
Last month, Creation, in partnership with CrossHarbor Capital Partners, sold Airpark Logistics Center, a 2.7 million-square-foot industrial park in Goodyear, Ariz. Prologis paid $184 million in what was reported as Arizona’s largest multi-building industrial park transaction.
Creation has other on-going projects in Greater Phoenix, announced at the beginning of the year; one of them is Lindsay 202 Industrial Business Park, a 1.4 million-square-foot campus taking shape in Gilbert, Ariz.
Another Creation development is Thunderbird Commerce Park, a 243,360-square-foot logistics and manufacturing building in Scottsdale, Ariz. The $60 million facility will come online within Scottsdale Airpark.
As of September, Phoenix was second in the nation for industrial pipeline size, with 46.6 million square feet underway, representing 12.7 percent of stock. The metro was preceded only by Dallas, which had 49.3 million square feet under construction, a recent CommercialEdge report shows.
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