Sunday, October 15, 2017

Phoenix Industrial Market on Pace for Another All-Time High

Pat Harlan
PHOENIX, AZ – The Phoenix industrial market is on pace to hit an all-time high absorption record, according to the new Q3 Phoenix Industrial Insight report just released by the Phoenix office of JLL. The last peak came in 2005, when the market absorbed 7.9 million square feet of industrial space during a single calendar year.

As of Q3, the Phoenix industrial market has recorded more than 6.1 million square feet of positive net absorption, making 2017 the fourth consecutive year of at least 6.0 million square feet of space absorbed. According to JLL, another 1.1 million square feet of pre-leased space is expected to deliver by the end of the year.

Combined with any new deals that emerge during Q4 2017, this brings the year-end forecast for total absorption very close to the market’s all-time high of 7.9 million square feet.

JLL Managing Director Pat Harlan credits the momentum to well-rounded market activity from sectors that include, but are not limited to, manufacturing, high-tech aerospace, e-commerce, food packaging, nutraceuticals and logistics and distribution.

“Never before have we seen activity from such a well-diversified tenant pool,” said Harlan. “The companies leasing space in Phoenix are extremely diverse and run the full spectrum – from smaller users of 30,000 square feet to large build-to-suit users of 150,000 square feet. We’re very excited about this time in the Phoenix industrial real estate market.”

Conair was the largest contributor to Q3 2017 absorption, taking down 1.0 million square feet in northwest Phoenix. Four other companies also ranked high on this list, all leasing space in the Southwest submarket:

·       Updike Distribution Logistics – 226,436 square feet
·       Staples – 150,000 square feet
·       Performance Designed Products – 116,769 square feet
·       Home Brands – 114,132 square feet

Rendering of Typical Phoenix Industrial Project

 “The Southeast valley is seeing the largest deals it ever has, primarily from manufacturing, high-tech and aerospace companies,” said Harlan. “We are tracking 136 active requirements valleywide, with no signs of activity slowing down.”

With absorption continuing to outpace construction, there remains a steady demand for new space – a need that will be filled, in part, by 4.4 million square feet of new industrial space currently under development across the Valley.

To access the complete JLL Q3 2017 Phoenix Industrial Insight and Q3 2017 Phoenix Industrial Statistics reports, visit the JLL Phoenix research page at
 For more news, videos and research resources on JLL, please visit
 For more information on this press release, please contact:

Stacey Hershauer
 +1 480 600 0195


Verzasca Group Begins Construction at Aurora Sunny Isles Beach, FL: Groundbreaking ceremony scheduled for Nov. 1

Tim Lobanov

SUNNY ISLES BEACH, FL –Verzasca Group has announced the start of construction at luxury condominium project Aurora Sunny Isles Beach. Work is underway at Aurora, which is the first project to be developed on the west side of Collins Avenue – or A1A – in more than a decade.

A groundbreaking ceremony has been scheduled for Wednesday, November 1 at 11 a.m. at the 17550 Collins Avenue project site. The Verzasca development and sales teams are set to join Sunny Isles Beach commissioners and officials in celebrating the official start of construction.

“This is an incredibly exciting moment for Verzasca and everyone involved in the conception and development of Aurora,” said Verzasca Managing Director Tim Lobanov. “The groundbreaking ceremony represents a significant milestone for our company and gives us an opportunity to express our gratitude to those who made this project possible.”

Work on Aurora began on Sept. 21 with demolition of the original sales center to clear the site for vertical construction. The 2,000-square-foot new sales center is located at 17600 Collins Avenue, strategically positioned next to the construction site.

Aurora is a new luxury condominium project with 61 residences at 17550 Collins Avenue in Sunny Isles, one of the world’s most sought-after destinations. The boutique building’s two and three-bedroom residences range from 1,385 to more than 2,150 square feet. Prices start in the $900,000s, making it the most attainable luxury project in Sunny Isles.

John Warsing
The project is 60 percent sold, with buyers coming from all over the world.

“Buyers are really responding to the combination of value, luxury and lifestyle that Aurora offers,” said Director of Sales John Warsing. “Having construction activity on the site is taking the strong demand to another level.”

Aurora is being developed as part of an intimate collection of boutique residences, along with Le Jardin Residences and Pearl House in Bay Harbor Islands.

In May, Aurora announced the sale of 5,382 square feet of ground-floor commercial real estate at the luxury residential project to an international investor for $5.5 million – or about $1,022 per square foot.

For more information about Aurora, visit

For more information on this press release, please contact:

Eric Kalis
Account Director, BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
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HFF announces $16.08 Million joint venture equity for industrial development in northern California

Ryan Martin
SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces $16.08 million in joint venture equity for the development of Pacific Distribution Center, a 712,130-square-foot, Class A industrial development in the northern California community of Patterson.

The HFF team worked on behalf of the developer, Keystone Corporation, to arrange the joint venture with WPT Capital Advisors.

The $44.7 million state-of-the-art cross-dock project will feature 36-foot clear heights, 112 dock-high loading doors, 257 truck/trailer stalls, 360 auto stalls, 185-foot truck courts and office finish to suit. 

Situated on a 34.56-acre land site at 400 Park Center Drive, Pacific Distribution Center is in the Central Valley industrial market, one of the strongest distribution and logistical hubs in California.  The property has immediate access to Interstate 5 and near Interstates 205 and 580 in addition to Highways 130 and 99. 

The Port of Oakland and the BNSF/Union Pacific Intermodal Facility are within 70 miles of the property, and four international airports – San Jose International Airport, San Francisco International Airport, Oakland International Airport and Sacramento International Airport – are within 90 miles.

Scott Pertel
The HFF investment sales team included managing directors Ryan Martin and Anthony J. Brent together with senior managing director Scott Pertel.

“The joint venture of the Pacific Distribution Center project comes at a time of strong leasing velocity and an extremely limited supply of large blocks of institutional-quality space,” Martin said. 

“This Class A industrial development will be in one of the preeminent master-planned parks, Keystone Pacific Business Park, which provides users faster access to the ports than virtually all the other central valley submarkets and is in part why Amazon, Restoration Hardware, Grainger, CVS and Kohl’s among others have chosen this location.”

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

For more information on this press release, please contact:

Olivia Hennessey
 Public Relations Specialist
 9 Greenway Plaza Suite 700
 Houston, Texas  77046
 T: 713-852-3403