VanTrust Breaks Ground on Phoenix-Area Logistics Project

VanTrust Real Estate has commenced work on Peoria Logistics Park, the largest Class A industrial park to be developed in the Peoria, Ariz., submarket, with the groundbreaking on Phase I of the 150-acre project. The initial segment of the metropolitan Phoenix project will yield a 157,000-square-foot, build-to-suit distribution center for Frito Lay.

Peoria Logistics Park will sprout up at the intersection of Northern Ave. and 75th Ave., roughly 2 miles east of Loop 101 and 20 miles from Sky Harbor Airport. The complex will feature as many as eight buildings with industrial offerings in sizes to accommodate a bevy of users, with spaces ranging from 100,000 square feet to more than 600,000 square feet.

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It’s a timely project, as Phoenix is a veritable magnet for logistics and manufacturing businesses. As noted in a first quarter report by Colliers, “2.9 million square feet of new product was delivered this quarter with a low vacancy of 39 percent. This showcases the rapid drive for speculative development and how quickly large blocks are getting leased.”

Peoria Logistics Park. Image courtesy of VanTrust Real Estate

Frito Lay’s warehouse facility will occupy a 17.5-acre site and, according to a City of Peoria development summary document, it is already approved for an expansion of as much as 40,000 square feet. Willmeng Construction is serving as general contractor for the Butler Design Group-designed build-to-suit project, which is on schedule to open in early 2023. Cooper Fratt and John Werstler of CBRE represented VanTrust in the build-to-suit lease agreement with Frito Lay, while Ted Liles of Cresa stood in for the tenant.

Full plate

VanTrust had a very active first quarter of 2022 and appears to be continuing on the same path into the second quarter of the year. This week, the company also announced that it is set to break ground on two speculative buildings—the 302,400-square-foot Innovation II and the 524,500-square-foot New Albany 525—in the company’s New Albany International Business Park in the Columbus, Ohio, area.