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February 28, 2024
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Opus Development Picks Up 18 Acres in Tempe for Last Mile Project


Opus Development Company LLC paid $9.3 mil for an 18-acre prime development site on West Warner in Tempe, AZ. Opus plans to construct a two-building, 197k sf spec industrial property on the land, considered to be a strong last mile-location.

The site is at 1320 and 1330 West Warner Rd, in the southern part of Tempe, blocks from I-10. This sought-after logistics location provides access to the vital transportation infrastructure for the entire Phoenix MSA. With this dense location, a tenant can quickly reach 206,191 residents within the growing submarket, which is expected to balloon to 221,587 residents by 2026. Additionally, future industrial tenants have an entry into both Mexico and Southern California.

Brian Ackerman and Connor Clark with JLL Capital Markets represented the seller in the deal. JLL’s Pat Harlan and Steve Larsen were awarded the project leasing assignment by the buyer. Construction is set to begin in first quarter of 2022.

According to JLL Research, the Phoenix industrial market recorded a strong performance to close out the third quarter of 2021. The building will be located within the Tempe Industrial submarket, which is currently incredibly tight with a vacancy rate of only 4.4%, one of the lowest in the Phoenix market. Additionally, there have been no new deliveries year to date with zero square feet currently under construction, driving up average rental rates.

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