PHOENIX, AZ – The Phoenix office of Jones Lang LaSalle has completed a 38-acre land sale in Phoenix’s southwest Valley that, by early 2013, will be home to approximately 600,000 square feet of speculative, state-of-the-art industrial space.
Managing Directors Anthony J. Lydon (top right photo), SIOR, and Marc Hertzberg (middle left photo), SIOR, of Jones Lang LaSalle represented the property buyer, Seefried Industrial Properties, Inc. The seller’s agent is Rich Sica of Daum Commercial.
The site, located at the northeast corner of 63rd Avenue and Sherman Way in Phoenix, was acquired by a venture between USAA Real Estate Company and Seefried Industrial Properties. The venture will proceed with the development of Estrella Logistics Center, a speculative $30 million, 592,500-square-foot, cross-dock distribution building.
“Seefried and USAA are specialists in developing, leasing and managing premier industrial logistics projects,” said Lydon. “They are experts at knowing what to build and where to build it, and they have chosen an exceptional time to deliver speculative industrial product in Phoenix.”
According to Jones Lang LaSalle research, there is approximately 6 million square feet of current user demand in Phoenix for requirements of 100,000 square feet or more; however, supply has not kept up with demand. As such, the market experienced an anaemic first quarter, with just 92,598 square feet of net industrial absorption as compared to a total 6.9 million square feet of net industrial absorption in 2011.
“The only local industrial construction that we’ve seen completed this year falls in the single-tenant, build-to-suit category,” said Hertzberg. “This does little to satisfy this market’s broader demand for large blocks of space. This will be the key driver for new Phoenix speculative industrial development in 2012.”
Construction on Estrella Logistics Center is slated to begin in October and will be completed by May 2013. For occupancy, Seefried and USAA plan to pursue corporate employers seeking a scalable space solution.
For a complete copy of the company’s news release, please contadt:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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