Rendering of Northern Parkway Logistics Heart. Picture courtesy of Cushman & Wakefield
Echo Actual Property Capital, in a three way partnership with Grandview Companions, has acquired $53.6 million in building financing for the event of Northern Parkway Logistics Heart, a 676,169-square-foot speculative industrial venture in Glendale, Ariz., within the Southwest Valley. Cushman & Wakefield labored on behalf of the borrower to safe the mortgage supplied by PCCP.
The venture broke floor in September 2022 and building is anticipated to achieve completion within the third quarter of this yr. Located on 38.6 acres, The Northern Parkway Logistics Heart will embody a 220,240-square-foot multi-tenant, rear-load constructing and a 455,935-square-foot cross-dock warehouse. The Class A facility will function 32- and 40-foot clear heights and can embrace loading and trailer parking, concrete truck courts and will likely be totally gated. LGE Design Construct is the venture’s basic contractor.
The logistics heart will likely be located at 9701 N. 151st Ave., alongside the Loop 303 hall, roughly 30 miles from downtown Phoenix. The ability may have entry to interstates 10 and 17. The encircling space consists of tasks developed by White Claw, RedBull, Amazon and Microsoft, amongst others.
The Cushman & Wakefield crew included Vice Chairman Rob Rubano, Government Managing Director Brian Share, Director Max Schafer and Monetary Analyst Michael Gianesello. Government Vice Chairman Will Robust, Senior Director Kirk Kuller, alongside Dealer Micki Pressure and Affiliate Molly Hunt supplied native market advisory.
New developments alongside the Loop 303 hall
Cushman & Wakefield’s fourth-quarter report on Phoenix’s industrial sector exhibits that twarehouse and distribution heart tasks signify the primary growth pipeline, with 43.4 million sq. ft of all product sorts below building. Phoenix ranks second after Dallas within the U.S. by way of building pipeline.
Within the Southwest Valley, the place the venture is positioned, 16.3 million sq. ft was accomplished in 2022, with roughly 30 million sq. ft below building on the finish of the yr.
A number of tasks alongside the Loop 303 hall made headlines this yr, together with Goodyear Airpark, a 7 million-square-foot industrial park. Lincoln Property Co., in partnership with Harvard Investments, broke floor on the primary part, which can ship 1.6 million sq. ft throughout six buildings. On the finish of final month, IndiCap, in a three way partnership with Invesco Actual Property, broke floor on Virgin Industrial Park which can add 1.5 million sq. ft to the South Valley.
