ESI Ventures, Ryan Cos. Break Ground on Phoenix Industrial Project
A joint venture of Ryan Cos., and ESI Ventures has commenced construction on Surprise 34, a two-building industrial campus totaling 145,000 square feet of space in Surprise, Ariz. ESI Ventures is the owner of the development, while Ryan Cos. is the general contractor. Its affiliate, Ryan A+E Inc., serves as architect of record and civil engineer.
The project will provide mid-size, flexible light industrial space and is intended to target manufacturing, logistics and supply chain users throughout the West Valley. The industrial park is scheduled to reach completion by 2025’s first quarter.
Surprise 34 will rise near Dysart and Waddell Roads and will allow access to Loop 303 and U.S. Highway 60. The buildings will include 28-foot clear heights and dock configuration. The project will be situated within Surprise Pointe, a 290-acre mixed-use business campus that currently has several build-to-suit options.
ESI Ventures’ Surprise Pointe campus was in need of multiple infrastructure improvements, such as water lines, power or roads. The company attracted more than $20 million in investments so far, with several developers working on various projects. Clients include Crescent Crown, Seattle-Tacoma Box Co., Amazon, E&V Investments, among others.
Phoenix continuing to be the leader
Since the start of 2024, Phoenix maintained its position as the leader in terms of new industrial supply, a recent CommercialEdge report shows. The metro secured the first spot across the top 30 U.S. industrial markets, with 41.6 million square feet of space underway as of January, accounting for 10.9 percent of existing stock.
Significant industrial projects coming in the metro include Creation’s Thunderbird Commerce Park in Scottsdale, Ariz. The company broke ground last month on the $60 million development, planned to encompass 243,360 square feet of Class A industrial space.
In late 2023, a significant industrial addition consisted of Lincoln Property Co.’s second phase of Park303 in Glendale, Ariz. It added nearly 2.5 million square feet of space in the area, bringing Park303 to full buildout.
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