IndiCap and AECOM-Canyon Partners today joined JLL and the City of Mesa to break ground on Eastmark Center of Industry, a 113-acre industrial park located in the heart of the Gateway Airport submarket in Mesa, Arizona. At completion, the park will total 10 buildings and more than 1.6 million square feet of mid-bay and cross-dock Class A industrial buildings.
IndiCap purchased the project site in April 2022 for $48 million, marking its entry into metro Phoenix and the start of a bullish expansion in the market. IndiCap now has a total of 10 projects with over 13 million square feet of Class A industrial space planned or under development in sought-after industrial corridors including the Loop 303, Central Phoenix, Mesa, Gilbert and Casa Grande.
“The Gateway area is drawing business of all sizes, and the Eastmark Center of Industry is an exciting addition that will serve the needs of those eager to locate in Mesa,” said Mayor John Giles. “The City of Mesa is pleased to start this new relationship with IndiCap and AECOM.”
“This groundbreaking kicks off the first in a string of metro Phoenix IndiCap projects being designed and developed for the specific needs of their unique submarkets,” said Mike Chernine, one of the principals at IndiCap. “The Valley boasts many amazing industrial sites and Eastmark Center of Industry is one of them, with immediate access to the robust local freeway system and Gateway Airport. These connections open the door to a huge range of tenants and uses. We are excited to work in partnership with AECOM-Canyon to watch this park evolve to meet this dynamic demand and we appreciate the support we’ve received from the City of Mesa throughout the process.”
“I could not be more proud of the growth and economic activity we have seen in District 6, and especially in the Elliot Road Technology Corridor. This industrial development will help serve the region’s needs and will be home to advanced manufacturing companies that will bring high wage jobs to our community,” said District 6 Councilmember Kevin Thompson. “It is exciting to see this project break ground and get the first phase of Eastmark Center of Industry going.”
IndiCap specializes in industrial investment and development and works to create synergistic investment opportunities bringing together all the needed elements for each project. It will build Eastmark Center of Industry in joint venture with AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon Partners Real Estate, the real estate direct investing arm of Canyon Partners LLC, a global alternative asset management firm. AECOM-Canyon Partners was established to develop large-scale, institutional-quality commercial real estate projects in top U.S. markets.
Upon completion, Eastmark Center of Industry will offer buildings from 83,200 square feet to 426,400 square feet, with 30’ to 36’ clear height and 160’ to 500’ building depths. Future phases may include the opportunity for build-to-suit.
“The Southeast Valley has become a go-to industrial location, recording 1.5 million square feet of positive industrial absorption in the third quarter alone,” said JLL Senior Managing Director Steve Larsen, who serves as the exclusive leasing broker for Eastmark Center of Industry along with JLL Senior Managing Director Pat Harlan and Senior Vice President Jason Moore. “Tenants in the Gateway Airport market run the gamut of sizes and requirements, making the flexibility and modern features of this IndiCap project extremely applicable to a growing submarket.”
Eastmark Center of Industry is located in the Elliot Road Technology corridor, minutes from a full-diamond interchange at Santan Loop 202 and Elliot Road, as well as the State Route 24 extension. It is also minutes from Phoenix Mesa Gateway Airport, which recently announced a $25 million expansion.
Layton serves as the project’s general contractor. Kimley Horn is the civil engineer and Deutsch Architecture is the project architect.
Formed by real estate industry leaders Mike Chernine and Jason Kuckler, the IndiCap development team brings over 100 years of collective experience to the Arizona and Nevada real estate markets. Todd Ostransky, IndiCap’s Vice President of Development (AZ), and Geovanni Villalta, IndiCap’s Senior Development Manager (AZ), lead all Arizona development projects. Through their strong local relationships, IndiCap continues their pursuit of prime industrial land in the Phoenix metroplex.