Cushman & Wakefield has facilitated a joint venture equity partnership between Phoenix based Creation, one of the United States' fastest-growing real estate developers and global industrial real estate investor Clarion Partners, to develop a US $250 million speculative industrial project on more than 87 net acres in West Phoenix Arizona.
The partnership of Creation and Clarion Partners will construct Park Algodon, a two-phase, industrial park totaling approximately 1.3 million sqft at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley.
Cushman & Wakefield Executive Vice Chair Will Strong and Senior Director Kirk Kuller, were supported by colleagues, Michael Matchett and Molly Hunt from its National Industrial Advisory Group – Mountain West represented the venture between Creation and Clarion.
Phase I of the industrial park will consist of four buildings totaling 670,000 SF that is expected to break ground by the end of 2023.
Park Algodon serves as a catalyst to attract new employers to the area and offers exciting, meaningful employment opportunities for an underserved area of the Valley.
Phase II will feature a single 556,000-sf warehouse building that is expected to be completed in late 2025.
LGE Design Build will lead construction for the project.
“As the Phoenix Metro industrial market continues to diversify it will remain a resilient real estate sector, particularly with the rise in general manufacturing demand and the commitment by the state of Arizona to the semiconductor industry and emerging technologies such as battery and energy storage.
This along with the traditional industrial demand drives will also continue to push demand in the Southwest Valley,” adds Kuller.
