IndiCap JV Delivers Phase 1 of Phoenix-Area Industrial Park
The developer currently has 10 Arizona projects in the pipeline.
IndiCap and AECOM-Canyon Partners have completed the 65-acre, five-building, 978,837-square-foot first phase of Eastmark Center of Industry, a Class A industrial park in the Gateway Airport submarket of Mesa, Ariz.
The buildings range in size from 83,347 to 426,569 square feet of space with clear heights from 30 feet to 36 feet, accommodating a broad spectrum of industrial uses. At full buildout, the project is expected to span more than 1.6 million square feet of space across 10 buildings.
Plans for the second phase have been put on hold, according to the Phoenix Business Journal. The business publication reported that the project’s architect, Deutsch Architecture Group, filed for a one-year extension on the Phase 2 approved site plan with the City of Mesa in February. The target to begin the second phase is the second quarter of 2025, according to the journal.
READ ALSO: Phoenix Leads All Markets for Industrial Development
IndiCap acquired the 118-acre site in April 2022 for $48 million, marking its entry into the Phoenix metro market. The partners broke ground on the first phase in November 2022.
The purchase of the Mesa property began a period of aggressive expansion for the Las Vegas-based developer in Arizona. The company currently has 10 projects totaling more than 13 million square feet of Class A industrial space in development across key Arizona corridors. Projects include Virgin Industrial Park, a five-building, 1.5 million-square-foot industrial project in Waddell, Ariz., being developed in a joint venture with Invesco Real Estate, that broke ground in March 2023.
Project details
Located within the Elliot Tech Corridor, Eastmark Center of Industry is about 32 miles from downtown Phoenix and 2 miles from the full-diamond interchange at Santan Loop 202 and State Route 24 extension. The development site is also close to Phoenix-Mesa Gateway and Phoenix Sky Harbor Airports. It also has easy access to major freeways including AZ-60 and Loop 101. It is situated within the Eastmark mixed-use, master-planned community, benefiting from proximity to more than 15,000 residential units and 20 million square feet of commercial space. Major companies in the area include Google, Microsoft, Facebook (Meta), Apple, Amazon, Lowe’s and Niagara Bottling.
The five structures are mid-bay and cross-dock buildings. Features include a concrete slab on grade, tilt-up exterior walls and a hybrid wood roof system, ensuring durability and flexibility. Select buildings have as many as 7,200 amps of power. There is a parking ratio of 1.28 per 1,000 square feet of rentable space.
JLL is leading the leasing efforts. Layton Construction served as general contractor and Kimley Horn handled civil engineering.
Indicap Co-Founders Mike Chernine and Jason Kuckler along with Todd Ostransky, senior vice president of regional development, and Geovanni Villalta are leading the development efforts in Arizona.
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