JLL’s Massive Phoenix Project
- Jul 16, 2015
A $300 million mixed-use business park will start construction soon now that developer Irwin G. Pasternack + Associates and the Phoenix office of JLL have completed assembling the 215 acres where the project will be built along Interstate 10 and 83rd Street in Phoenix.
Pasternack, who will also serve as architect, already owned 142 acres and acquired the remaining 72 acres from Lehman Bros., according to a spokesperson. The Phoenix Business Journal reported the price paid for the additional land was $7.7 million.
The team expects at least one 1 million-square-foot industrial building will be erected within the next 12 months.
JLL Managing Directors Anthony Lydon and Marc Hertzberg represented Pasternack in the land purchase and will serve as the project’s exclusive leasing brokers.
Pasternack said it will become the largest freeway industrial employment site in Phoenix.
“This is absolutely the best location for an Arizona industrial project,” he said in a news release. “It has premier freeway frontage at the intersections of Interstate-10 and Loop 101, is on route from the docks in California to the rest of the country, enjoys tremendous cooperation from neighbors and a massive footprint large enough to handle any corporate need in the marketplace.”
He added the site will have services such as gas, food and neighborhood retail to create a full-service offering for the employees and community.
“Phoenix’s long-term economic health depends in part on its ability to attract, accommodate and retain industry as part of a balanced and diversified economy,” Phoenix District 7 Councilman Michael Nowakowski said in the release. “This assemblage of land, with its high visibility and accessibility, is perfect for attracting new businesses that will be able to operate efficiently and profitably.”
Lydon stated in the release that TEN will be focused on high end, pre-leased build-to-suits for national and international companies.
Hertzberg said the buildings will be 500,000 square feet and larger with modern, state-of-the-art amenities.
“Corporate design/build demand continues to drive the Phoenix industrial market,” Lydon said in the prepared statement. “In fact, we’re currently tracking eight to 10 million square feet of employment development that has sustained interest in Arizona for their location solutions.”
“We are early in Phoenix’s industrial rebound, but it is happening,” added Hertzberg. “The time is right to bring this site to market.”
Pasternack’s most recent project is a 450,000-square-foot industrial build-to-suit- at 67th Avenue and I-10 in Phoenix. His firm has been operating since 1975 and offers commercial, retail and industrial architecture along with full development services. The company has a portfolio of over 4,270 projects and more than 6,000 buildings.