Today, Contour, a leading privately-held real estate and development company, and co-developer Miramar Industrial Partners, the industrial operating and investment arm of Miramar Capital, announced that they secured a $68 million construction loan from Bank OZK with capital partner DWS for a 77-acre industrial center located on the southeast corner of Southern Avenue and Apache Road in Buckeye, Arizona. The announcement paves the way for the next phase in the building’s development, which broke ground June 1.
The project, known as Southern Industrial Center, will include the development of an expansive 1.2 million-square-foot industrial facility. When complete, the facility will be able to accommodate e-commerce, warehouse, and logistics tenants in need of a regional distribution hub in one of the fastest growing industrial markets in the U.S.
“Southwest Phoenix is an attractive market for large-scale Class-A industrial developments,” said Contour’s President, Ted Fentin. “A strong labor market and well-positioned access to major regional and interstate highways has driven tremendous demand over the last few years.” Fentin continues, “Bank OZK is a trusted financial partner, and we are thrilled to be working with their team on this new industrial center that will serve as a valuable asset in the West Valley of Phoenix.”
“We’re very excited to work with Contour, Miramar and the entire development team on the construction financing for Southern Industrial Center,” said Jason Choulochas, Executive Vice President, Bank OZK. Choulochas continues, “We have a long, successful track record over the last decade with Ted Fentin and his team, and are thrilled to officially kick off our relationship with Contour, Miramar and DWS.”
The three entities acquired the land for development in late-2021. Construction of the new industrial center is slated for completion in summer 2023.