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3/31/22
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EastGroup Properties Inc has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a 655.4k sf, seven-building Class A industrial development. EastGroup is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties.
Gateway Interchange will sit at the northwest corner of Hawes and the Loop 202 in Mesa, AZ. The acreage for the property was purchased from four separate ownership groups and assembled into a single parcel with 2,600 feet of coveted Loop 202 freeway frontage.
According to EastGroup Vice President Mike Sacco, this was one of the East Valley’s best parcels for commercial development, but was not appearing in traditional site selection searches due to multiple ownership entities, including a parcel owned by ADOT that had to be purchased at auction. The new project will be a modern industrial offering with the latest in high-tech manufacturing and logistics advantages, featuring employee amenity areas that rival any new industrial development in the market today.
Spaces at Gateway Interchange will range from 13.4k sf to 180k sf and feature 28’ to 32’ clear height, 7” floor thickness, abundant power, full concrete truck courts, dock high and ground level loading, LED warehouse lighting and ESFR sprinkler systems.
From an amenity perspective, the buildings will include glass roll-up doors leading out of break rooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, and turf areas for cornhole and other outdoor games.
The project will be developed in two phases. Phase I will consist of four buildings totaling 359.7k sf. Phase II – which could also support build-to-suit requirements – is slated for three buildings totaling 295.7k sf.
The entire project is located directly off of a full diamond interchange at Loop 202 and Hawes Road, with immediate access to the Loop 202 and nearby State Route 24, and linking the project to a workforce of more than 1.4 million people within a 30-minute drive. It also sits just one-half-mile north of Phoenix Mesa Gateway Airport, a 3,000-acre campus and commercial airport.
Willmeng Construction has been selected as the general contractor for Gateway Interchange. Butler Design Group is the architect. Construction on Phase I is slated to begin the third quarter of 2022 with delivery by the second quarter of 2023.
Steve Larsen, Pat Harlan and Rick Collins from the Phoenix office of JLL represented EastGroup in the land assemblage and purchase, and will serve as the project’s exclusive leasing brokers. The sellers assemblage was represented by Jason Barney and John Hartman with High Bridge Partners as joint venture partners.
According to JLL research, the Southeast Valley ranks among one of metro Phoenix’s most desired industrial locations, enjoying 8.8% year-over-year rent growth with just a 5.8% vacancy rate.
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