Echo, Grandview Obtain $54M for Phoenix Project

Rendering of Northern Parkway Logistics Center. Image courtesy of Cushman & Wakefield

Echo Real Estate Capital, in a joint venture with Grandview Partners, has received $53.6 million in construction financing for the development of Northern Parkway Logistics Center, a 676,169-square-foot speculative industrial project in Waddell, Ariz., in the Southwest Valley. Cushman & Wakefield worked on behalf of the borrower to secure the loan provided by PCCP.

The project broke ground in September 2022 and construction is anticipated to reach completion in the third quarter of this year. Situated on 38.6 acres, the Northern Parkway Logistics Center will encompass a 220,240-square-foot multi-tenant, rear-load building and a 455,935-square-foot cross-dock warehouse. The Class A facility will feature 32- and 40-foot clear heights and will include loading and trailer parking, concrete truck courts and will be fully gated. LGE Design Build is the project’s general contractor.

The logistics center will be situated at 9701 N. 151st Ave., along the Loop 303 corridor, approximately 30 miles from downtown Phoenix. The facility will have access to interstates 10 and 17. The surrounding area includes projects developed by White Claw, RedBull, Amazon and Microsoft, among others.

The Cushman & Wakefield team included Vice Chairman Rob Rubano, Executive Managing Director Brian Share, Director Max Schafer and Financial Analyst Michael Gianesello. Executive Vice Chairman Will Strong, Senior Director Kirk Kuller, alongside Broker Micki Strain and Associate Molly Hunt provided local market advisory.

New developments along the Loop 303 corridor

Cushman & Wakefield’s fourth-quarter report on Phoenix’s industrial sector shows that warehouse and distribution center projects represent the main development pipeline, with 43.4 million square feet of all product types under construction. Phoenix ranks second after Dallas in the U.S. for industrial construction.

In the Southwest Valley, where the project is located, 16.3 million square feet were completed in 2022, with roughly 30 million square feet under construction at the end of the year.

Several projects along the Loop 303 corridor made headlines this year, including Goodyear Airpark, a 7 million-square-foot industrial park. Lincoln Property Co., in partnership with Harvard Investments, broke ground on the first phase, which will deliver 1.6 million square feet across six buildings. At the end of last month, IndiCap, in a joint venture with Invesco Real Estate, broke ground on Virgin Industrial Park, which will add 1.5 million square feet to the South Valley.