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Echo Real Estate Capital Buys 11.6 Acres of AZ Land for Industrial Development

9/12/23

Echo Real Estate Capital Inc acquired a fully entitled, 11.65-acre industrial development site in Surprise AZ for $7.1 mil. The land, located at 132nd Ave and Peoria Ave, will be used to build “Echo Park @ P132”, four new single-tenant industrial buildings totaling 182.6k sf of space.

Echo Park @ P132 is located within minutes of multiple major freeways including the Loop 303, Loop 101 and Northern Parkway, providing easy connectivity throughout the Phoenix metropolitan area and access to the deep labor pool in the West Valley. The general contractor for the project is Premier Design + Build.

Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, and Katie Repine of the firm’s institutional and private capital groups represented the seller, Cohen Asset Management, in the sale of the land. C&W’s Mike Haenel, Andy Markham and Foster Bundy will provide market leasing advisory for the new buildings.

“Phoenix’s West Valley has captured significant interest from industrial users who want to be located near the Loop 303. It also serves as a secondary location for Southwest Phoenix / North Phoenix and Deer Valley industrial users,” said Kuller. “The offering is a terrific opportunity to develop four best-in-class shallow bay industrial buildings to meet an underserved segment of the market in this booming corridor.”

According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 msf of occupancy growth through the first half of 2023.





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