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2/28/23
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A real estate fund advised bv Panattoni plans to construct a brand-new, 274k sf industrial/distribution building in Surprise, AZ. Named Surprise Point, the new fully entitled project will consist of a state-of-the-art industrial building at the southeast corner of Soledad St and N 137th Ave in Phoenix’s expanding West Valley area.
Panattoni acquired the 16.24-acre land site in January 2023 for $8.5 mil. Plans call for a rear-loaded building with a 36’ clear height, 200’ truck courts, 60’ speed bays, ESFR sprinklers, ample power, and the capability of being rail-served by BNSF Railway, one of the largest freight railroad networks in North America. The company plans to commence construction Q1 2023.
Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Callahan Conway and Stephanie Saccente with Cushman & Wakefield represented the seller, Atlas Capital Partners, in the sale of the land. Panattoni Development Co’s local office is headed by John DiVall, who will oversee development of the new Class A project.
“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 Strong. “The site sits in the greater Master Plan of Surprise Pointe; comprised of 100 acres planned for commerce, industrial, and office. The surrounding neighbors are blossoming with industrial users.”
According to Cushman & Wakefield’s Q4-2022 market report, direct industrial vacancy in the overall Phoenix market was a healthy 4.4% with the Southwest Valley submarket, where the property is located, at 4.6%. The Phoenix market achieved a robust nearly 21.7 msf of occupancy growth in 2022, with the Southwest Valley submarket accounting for the lion’s share with 15.8 msf of growth.
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