Ryan Cos. Kicks Off Phoenix Industrial Project
Ryan Cos. has started construction on Schrader Farms Business Park, a three-building industrial project slated to bring 432,000 square feet to Chandler, Ariz.
The company acquired the project from the initial developer, Core5 Industrial Partners, for $16.1 million, according to Maricopa County public records. JLL represented both parties in the transaction.
In fact, Ryan Cos. purchased only the original project’s first phase, which encompasses three parcels totaling 32 acres. Core5’s initial design called for a six-building development totaling 946,042 square feet of space, according to the company’s leasing brochure.
The new development team includes Deutsch Architecture Group as architect of record. The industrial park is expected to come online in the third quarter of next year.
A new design
Schrader Farms Business Park will rise at the northwest corner of Queen Creek and McQueen roads, with each facility to feature 32-foot clear heights, LED lighting, air-conditioned warehousing spaces and ESFR sprinkler systems. Additionally, plans for the three buildings call for privately secured yards and ample vehicle and trailer parking.
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The industrial campus will be close to the Loop 101 and Loop 202 Interchange, as well as to Interstate 10, allowing easy access to the Southern California ports and to the Los Angeles area. The site is also 3 miles from Chandler Airport and within 22 miles of Phoenix Sky Harbor International Airport.
JLL Senior Managing Directors Pat Harlan and Kyle Westfall, together with Executive Vice President Jason Moore, worked on behalf of the buyer, while the team that represented the seller included Executive Managing Director Steve Larsen and Managing Director Bill Honsaker.
Phoenix’s industrial market still soars
As of April, the industrial under-construction pipeline in Phoenix totaled 41.8 million square feet, the highest in the U.S., according to a recent CommercialEdge report. The metro secured its top position in terms of development by a very significant margin, considering second-place Dallas-Fort Worth’s 23.4 million square feet under construction.
Last month, another industrial project broke ground in the metro: A joint venture between Creation and Clarion Partners started construction on the first phase of Park Algodon, a $250 million development in Phoenix. The two-phase project is expected to encompass some 1.3 million square feet.
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