PHOENIX, May 4, 2022 – JLL Capital Markets announced today that it has arranged a joint venture equity partnership for the development of a two-phase, Class A distribution and warehouse project totaling 10 buildings and 1.6 million square feet of mid-bay and cross-dock industrial buildings in the Phoenix-area community of Mesa, Arizona.
JLL worked on behalf of IndiCap to arrange the joint venture equity partnership with AECOM-Canyon Partners.
The project development started this year with the acquisition of 113 acres of land at Elliott and Ellsworth in the highly sought-after Eastmark master-planned community. This central location within the Mesa Gateway Industrial submarket provides a critical logistics advantage to industrial users due to its easy connectivity across the Phoenix MSA and to major Western cities such as Denver, Salt Lake City, San Diego, Los Angeles, Las Vegas and San Francisco, in addition to providing an entry point east into El Paso, Dallas and Houston and into Mexico. The site is also less than three miles from the Phoenix-Mesa Gateway Airport and only 20 minutes to rail access and the Phoenix Sky Harbor International Airport.
The project is being constructed in two phases, with an anticipated completion date in the fourth quarter of 2023 for Phase I, which will comprise 977,600 square feet across five buildings. Phase II will involve five additional buildings totaling 663,520 square feet and is estimated to be completed in the fourth quarter of 2024. The buildings will offer tenants clear heights ranging from 28 to 36 feet and feature a host of features modern users seek.
The JLL Capital Markets team representing the borrower was led by Senior Director Carl Beardsley and Analyst Zane Coffman. Senior Managing Directors Pat Harlan and Steve Larsen and Jason Moore with JLL’s Brokerage Services represented IndiCap in its site selection and land acquisition.
“JLL is pleased to help facilitate this partnership of best-in-class development expertise and is excited to see the venture grow,” Beardsley said. “The subject property is well positioned between Fortune 50 companies and remains in extremely strong demand for corporate and advanced manufacturing users.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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