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3/24/21
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Wadsworth Development Group purchased a 10-acre land parcel located at the Southwest corner of 15th Ave and Pinnacle Peak Rd in the Deer Valley submarket of Phoenix for $6.4 mil. Wadsworth intends to develop a 136k sf, spec industrial business park consisting of three buildings on the land.
The development, which is slated to be complete in August 2021, is located approximately 20 miles north of Downtown Phoenix, less than two miles from Interstate 17 and Loop 101, and within close proximity to Loop 303, which offers direct access to West Coast ports. The facilities at the new project will feature 28-32 clear height, grade level loading, 227/480-volt power and above market parking ratio.
Robert Lundstedt with DAUM Commercial Real Estate Services represented the seller and procured the buyer in the deal. Lundstedt, along with DAUM colleagues Skip Corley, Jr. and Chase Heinemann, will market the completed project for the buyer.
As there continues to be an influx of tenants looking to expand or relocate the Phoenix area, which is located within a 17-hour drive of anywhere in the Southwest, developers are hungry to bring competitive industrial facilities to the market to capitalize on this high demand, says Lundstedt. The Deer Valley submarket in particular, which saw vacancy rates compress to under 5% in Q4, is well positioned for further growth.
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