LaPour Partners, SIM Unveil 1.5 MSF Phoenix Industrial Project
- Apr 28, 2021
A joint venture between LaPour Partners and Scottsdale Investment Management has announced plans to develop a 1.5 million-square-foot industrial project in Mesa, Ariz.
The 101-acre parcel is situated within close proximity of the 202 Freeway, near the Phoenix-Mesa Gateway Airport.
Located on Sossaman Road, the development is pending approval from the city of Mesa. According to a LaPour Partners representative, approvals are expected to go through in the third quarter and construction is scheduled to begin shortly after. The Class A, large-scale industrial park in the East Valley market is expected to cater to tenants with distribution and manufacturing uses.
“This is a tremendous opportunity for us to create an exceptional new industrial project in such a high-profile, fast-growing location,” Jeff LaPour, president & CEO of LaPour Partners, told Commercial Property Executive.
“The East Valley market is continuing to demonstrate strong demand for industrial space and we look forward to bringing our project to market and attracting companies that need to serve customers in the region as well as accommodate future growth in the area,” LaPour added.
The new project will expand LaPour Partners’ portfolio across the Phoenix market and marks SIM’s first move into the development side of commercial real estate.
Phoenix’s industrial boom
The Phoenix MSA has been a hotspot for industrial project over the last year. Earlier this month, Comunale Properties entered the market with Chandler Connection, a 201,000-square-foot project in Chandler, Ariz.
In addition, Canadian firm APEL Extrusions acquired a 22.6-acre parcel in the metro, planning an on-site headquarters and manufacturing facility.
According to a recent CBRE report, Phoenix was named as the top growth market in the U.S. when it came to big-box leasing activity, with a 2020 inventory absorption of 9.1 percent. Transaction activity hit a record high, with the metro being named a top 10 market, registering 13 million square feet of transactions for properties of 200,000 square feet or larger.