- Thursday, May 2, 2019
- Phoenix, AZ
Forty-acre land purchase paves way for new 101 Logistics Park in Phoenix
The Phoenix office JLL has completed a 40-acre land purchase that paves the way for 101 Logistics Park, a new two-building, Class A industrial regional distribution center being developed in Avondale, Arizona by Seefried Industrial Properties and Crow Holdings Capital Real Estate.
JLL Managing Directors Marc Hertzberg and Anthony Lydon, and Vice President Riley Gilbert represented the developers in the land transaction and have been named as the exclusive leasing brokers for 101 Logistics Park.
"The West Valley industrial market is absorbing space at a rapid pace, and that creates an ongoing need for new space solutions," said Hertzberg. "The 101 Logistics Park checks all of the boxes for this space and the large quantity of tenants looking to expand or relocate, including many mid-bay users."
According to JLL's Q1 Phoenix Industrial Report, the Valley continues to experience positive fundamentals and record delivery, but currently lacks new product in the mid-bay sector of 50,000 to 200,000 square feet. In the past 18 months, this sector has recorded more than 5 million square feet of gross leasing activity.
Robert Guerena, Senior Vice President for Seefried Industrial Properties had this to say about the project: "With the rising demand of industrial and e-commerce related uses as well as the strong population growth in the Southwest Valley, 101 Logistics Park has been designed to accommodate the demands of these users and is strategically located to service both the current and future population base. Our partner, Crow Holdings Capital Real Estate, recognized the same and we are excited to be working on another venture with them." Located at the southwest corner of 101st Avenue and Roosevelt Street, 101 Logistics Park will total 652,146 square feet in two buildings, the first 240,844 square feet and the second 411,302 square feet. Together the project can accommodate multiple industrial users needing space from 40,000 to 411,302 square feet. Buildings at 101 Logistics Park will feature 32- to 36-foot clear heights, generous full concrete truck courts and a total of 155 dock high doors, 12 grade level doors, 534 auto parking stalls and 107 trailer parking stalls on a secure fenced site. It will have eight points of ingress and egress and is minutes from the Interstate 10/Loop 101 stack, offering proximity to a population of two million within a 30-minute drive. The 101 Logistics Park is slated for completion during the first quarter of 2020.