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PCCP LLC and Hopewell Development to Start 245k sf of Spec Industrial Buildings in Phoenix

4/29/19

PCCP LLC and Hopewell Development have formed a joint venture for the speculative development of three Class A industrial buildings totaling 245.4k sf in the Southwest Valley submarket of Phoenix, AZ. Two buildings (78.2k sf and 84.7k sf) are situated on a 10.56-acre parcel along 67th Ave and one 82.6k sf building is situated on a 4.81-acre site along 43rd Ave.

The two fully entitled sites are just over five miles apart from each other and completion of construction is anticipated for late 2019. Each building will feature 28 to 32 clear heights, between 17 and 25 dock-high doors in addition to grade-level doors, and one speculative office build-out. Both sites feature direct frontage to an intersection, multiple access points, and easy freeway access to both the I-10 and the future Loop 202 extension which is expected to complete in late 2019.

According to Mike Johnson, senior vice president with PCCP, the buildings will target a tenant size segment that has seen strong demand this cycle, but is undersupplied in the greater Phoenix region.

The Southwest Valley currently contains 97.3 msf of industrial inventory and is the focal point of industrial activity in Phoenix due to its available land and closest access to the ports of Los Angeles. The Phoenix region is now the 11th largest metro and the 9th largest industrial market in the United States and continues to see population and job growth year-over-year.

The joint venture equity was sourced by Bo Mills and Mark Detmer at JLL.




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