Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix based Creation, one of the country’s fastest-growing real estate development firms, and Clarion Partners, one of the largest industrial real estate investment companies in the world, for Park Algodon, a proposed $250 million speculative industrial project on more than 87 net acres in West Phoenix.
The partnership of Creation and Clarion Partners will be constructing a two-phase, speculative industrial park totaling approximately 1.3-million-square-feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West represented the venture between Creation and Clarion.
“We’re excited to work alongside Clarion Partners on this significant project, addressing a key gap in the West Phoenix industrial market,” said Grant Kingdon, principal of Creation’s Mountain West region. “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 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. 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,” added Senior Director Kirk Kuller.