Martens Breaks Ground on 910 KSF Phoenix Industrial Park
Martens Development Co. has broken ground on Brickyards on Ellsworth, a 909,553-square-foot Class A industrial development in Mesa, Ariz. The industrial park is slated for completion in the second quarter of next year.
The Brickyards on Ellsworth project received unanimous approval from the Mesa City Council last year. The price of the multi-building development is estimated at $153.6 million, according to Phoenix Business Journal.
Martens purchased a total 44 acres for $19.14 million for the first phase of the development near the end of last year, according to The Mesa Tribune. First American National Bank provided construction financing for the project, CommercialEdge data shows.
Principal Asset Management serves as the construction lender, along with FCL Builders as the general contractor and Ware Malcomb as the main architect. Other partners involved in the project include Hunter Engineering, TLCP and Peterson Associates. CBRE will manage the leasing operations of the development.
Upon its completion, Brickyards on Ellsworth will comprise eight buildings ranging from 35,000 to 250,000 square feet. The facilities will have a mix of spec options and build-to-suit configurations, while each building will also feature approximately 10 percent office space. Target tenants include warehouse, distribution, manufacturing and employment park companies.
Most active for industrial construction
Brickyards on Ellsworth will rise on more than 63 acres at the intersection of Willis and Ellsworth roads, just south of Phoenix-Mesa Gateway Airport. The industrial park is situated within the Pecos Advanced Manufacturing Zone and near the SRP 69kV transmission line. The development is also in a City of Mesa Foreign Trade Zone, which reduces or defers tariffs and duties on products produced in the FTZ and can reduce property taxes for qualified users.
The completion of Brickyards on Ellsworth will see Martens Development boasting over 5 million square feet of industrial product. The company has been developing in Mesa for eight years due to its growth and friendly business environment, according to Principal David Martens.
Phoenix is the most active U.S. market for industrial construction, according to a recent CommercialEdge report. The metro had the most significant development pipeline, with 42.7 million square feet underway, accounting for 11.1 percent of stock—the highest nationwide.
The metro also had the lowest vacancy rate among Western markets, 3.2 percent as of February, followed by Portland (4.1 percent), Orange County (4.5 percent) and the Bay Area (4.6 percent), the same source shows.
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