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July 14, 2024
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IndiCap and Invesco Begin Construction of 1.5 msf Phoenix Area Industrial Project


IndiCap and Invesco have broken ground on Virgin Industrial Park, a five-building, 1.5 msf, Class A industrial project being constructed in the booming Loop 303 Corridor, in metro Phoenix’s West Valley.

Construction on Virgin Industrial Park begins with Phase I, which includes three Class A industrial buildings totalling 566.1k sf, 245k sf and 213.8k sf. Phase I is scheduled for completion during the first quarter of 2024.

IndiCap and Invesco secured a loan for $88 mil in late 2022 for construction of Phase I. That was followed shortly by a loan to purchase the land for Phase II, which will add an additional two Class A industrial buildings totalling 297.4k sf and 235k sf. Phase II is projected to break ground during the third quarter of 2023. The site is fully improved and so is also available for immediate built-to-suit opportunities.

Buildings at Virgin Industrial Park feature 32’ to 36’ clear height with up to 60’ x 60’ column spacing, ESFR sprinkler systems and dock-high and grade-level doors, linked to 60’ to 70’ speed bays. The project also offers 3,000 amps of power, secured truck courts and parking for more than 2,200 autos and 167 trailers.

Virgin Industrial Park is located on the northwest corner of Olive and Reems Roads in Maricopa County. It sits within the nationally recognized Loop 303 industrial corridor and immediately north of Northern Parkway, a 12.5-mile expressway connecting the Loop 303 and US 60, offering a traffic reliever to nearby Interstate 10.

JLL’s Marc Hertzberg, Riley Gilbert and Kelly Royle are the project’s exclusive leasing brokers. The general contractor is Graycor Construction and the project architect is Deutsch Architecture Group.

“IndiCap is bringing the precise type of Class A industrial product needed to meet Maricopa County’s sophisticated industrial demand,” said Maricopa County Chairman Clint Hickman. “Having this type of product in our inventory allows us to target and attract premier industries, who in turn generate high-quality jobs for our West Valley residents.”

“Metro Phoenix industrial demand continues to outpace new supply – to the tune of 4.6 msf in the last quarter alone,” said Hertzberg. “The West Valley, in particular, is in tremendous demand by tenants wanting strategic access to West Coast ports, direct transportation links to Mexico and accessibility to the Valley’s skyrocketing population, as well as the more than 33 million people who can be reached within a one-day drive of this submarket.”

When complete, Virgin Industrial Park will join more than 30 msf of commercial real estate developed by IndiCap throughout the U.S. industrial, office, and retail sectors. Invesco has more than 20 ground-up developments totalling nearly $8 bil in stabilized value in the West Coast alone.

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