Thompson Thrift Breaks Ground on 1 MSF Phoenix Project – Commercial Property Executive

January 29, 2023

The 68 acres in Queen Creek, Ariz., will ultimately become home to a 13-building campus featuring 1.1 million square feet of premier manufacturing, warehousing and distribution space.

Rendering of Germann Commerce Center. Image courtesy of Thompson Thrift

Thompson Thrift has started construction on the first phase of Germann Commerce Center, a 1 million-square-foot industrial project in the Phoenix suburb of Queen Creek, Ariz. Completion is expected in the first quarter of next year.

Taking shape on a 26-acre site with frontage on East Germann Road, Phase One is set to encompass nearly 400,000 square feet of speculative industrial space across five buildings. The light industrial buildings will have 28- to 32-foot clear heights, as well as front- and rear-load capabilities.

Germann Commerce Center is Thompson Thrift’s second industrial project under construction in the Southeast Valley. The company acquired the 68-acre development site for some $31 million in June. When complete, the industrial park will comprise 12 buildings ranging from 73,000 to 102,500 square feet, suitable for distribution, manufacturing, light assembling and warehousing activities.

With multiple companies such as Amazon, Meta, Apple or Google spreading operations within the Southeast Valley, Queen Creek is on a path of continuous growth as a high-tech, distribution and manufacturing hub, Chris Alexander, senior vice president of industrial development at Thompson Thrift, said in prepared remarks.

High demand in Phoenix

Germann Commerce Center is coming online on the southwest corner of Meridian Road and Germann Road, providing easy access to Loop 202 and State Road 24. The property is 8 miles from Phoenix-Mesa Gateway Airport and close to LG Energy Solutions’ upcoming 1 million-square-foot manufacturing plant.

According to a recent report by JLL, Greater Phoenix leads the country in terms of industrial space demand. The metro’s industrial demand increased by 56.6 percent on a year-over-year basis at the end of 2022.

Earlier this week, Procter & Gamble Co. selected Phoenix for the development of a new industrial project. The company acquired 430 acres within Inland Port Arizona industrial park in Coolidge, Ariz., to develop a 2 million-square-foot facility.

Source link

Prudential Cal strives to provide the most detailed information about the real estate industry. We assist people in making the best decisions possible by offering unique insights into the global real estate market and advice for both homebuyers and sellers.
Additional Information
Copyright © 2023 Prudential Cal. All Rights Reserved. Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram