IndiCap, Invesco to Build 1.5 MSF Industrial Campus

Virgin Industrial Park. Image courtesy of JLL

The joint venture of IndiCap and Invesco intends to develop a Class A industrial campus in Glendale, Ariz. Set to comprise more than 1.5 million square feet across five buildings, Virgin Industrial Park is slated to break ground in November 2022. Graycor Construction Co. will serve as general contractor, while Deutsch Architecture Group will provide architecture services for the project.

Virgin Industrial Park will come online on 110 acres in two phases, with the three-building, 1 million-square-foot Phase I expected to deliver by December 2023. Phase II, designed to encompass two facilities totaling some 500,000 square feet, has an estimated completion date in the first quarter of 2024.

At full build-out, the industrial campus will have a total of 263 dock doors, 20 grade level doors and 60- to 70-foot speed bays and ESFR sprinkler systems, as well as secured truck courts and parking for more than 2,200 cars and 167 trailers. Each building will feature 32- to 36-foot clear heights and 3,000 amps of power. JLL‘s Senior Managing Director Marc Hertzberg, Executive Vice President John Lydon and Associate Kelly Royle will spearhead the leasing efforts at the property.

IndiCap’s third industrial development in the metro

Located on the northwest corner of Olive and Reems Roads, the development site is within the Loop 303 industrial corridor, north of Northern Parkway and near Interstate 10. The campus will be west of the Ball, Red Bull and White Claw industrial buildings, while also being north of corporate industrial neighbors such as Nestle, Williams Sonoma, Walmart, MLILY, Puma, REI and XPO Logistics.

IndiCap has two other industrial developments underway in Greater Phoenix: the 1.6 million-square-foot, 113-acre Eastmark Center of Industry in Mesa, Ariz., and the 4.1 million-square-foot, 292-acre The Ranch, in Gilbert, Ariz.

The Valley continues to lead the nation in terms of industrial pipeline size relative to total stock. According to a recent CommercialEdge report, more than 42.2 million square feet were under construction as of June, representing 14.7 percent of stock.