Logistics Property Completes Its 1st Phoenix Campus
The spec development broke ground last January.
Logistics Property Co. has completed its first industrial development in metro Phoenix. Palm Gateway Logistics Center is a 615,000-square-foot speculative campus in Mesa, Ariz.
The developer broke ground on the four-building complex last January, financing its construction with a $62.9 million loan from Old National Bank, public records show.
Partners on the project included general constructor Alcorn Construction, architecture firm Ware Malcomb and civil engineer SWS Engineering. Lee & Associates is handling the leasing efforts.
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Palm Gateway’s facilities range from 93,000 to 290,000 square feet, with clear heights between 28 and 36 feet. Built according to LEED standards, the property features a total of 140 dock-high doors and 16 drive-in doors, as well as 866 car parking spaces and 66 trailer spots.
Located at 8130, 8134 and 8142 E. Pecos Road, the campus is adjacent to Phoenix-Mesa Gateway Airport. Downtown Phoenix is within 37 miles, while the Phoenix Sky Harbor International Airport is 32 miles northwest.
Logistics Property is also working on a second project in the market, Olive Logistics Center. The two-building, 1 million-square-foot campus is expected to come online in the first quarter of next year.
Lee & Associates Principals Ken McQueen and Chris McClurg, along with Associates Blake Peters and Jack Sims, are the leasing representatives.
Phoenix’s industrial pipeline still tops the charts
Metro Phoenix had almost 37 million square feet of industrial space underway as of August, according to a recent CommercialEdge report. The market continued to lead nationwide for pipeline size, being followed by Dallas (16 million square feet) and Philadelphia (12.4 million square feet).
Taiwan Semiconductor Manufacturing Co. is working on the largest project underway in the metro, a 3.8 million-square-foot facility. The development is set to come online in the first quarter of next year and will be the most advanced semiconductor fabrication plant in the U.S.
Another significant development is Virgin Industrial Park, a 1.5 million-square-foot industrial campus in Glendale, Ariz. IndiCap and Invesco Real Estate completed the project’s first phase, totaling 1 million square feet, in August.
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