National development firm VanTrust Real Estate started its latest project in greater Phoenix: a two-building industrial park along the Loop 202 freeway called VT 202.

VanTrust expects to finish the roughly 104,700-square-foot and 76,300-square-foot buildings on 12 acres along 59th Avenue and the freeway by February, the company said in a statement.

Similar to most projects in Phoenix's booming industrial market, the Kansas City, Missouri-based development firm is building VT 202 on speculation without signed tenants. The buildings are planned to have 32-foot ceilings and both dock- and grade-level loading doors, according to the statement.

VanTrust is a prolific industrial, office and multifamily developer in the region, building such projects as the One Chandler Corporate Center office park in Chandler and the 233-unit Peak 16 apartments in uptown Phoenix.

The company last year completed a 279,000-square-foot distribution center for Amazon at its VT 303 business park in Litchfield Park. VanTrust sold the building in November along with another Amazon warehouse it developed in Tucson to Preylock Holdings, a Los Angeles-based real estate firm.

VanTrust broke ground in April on the first of eight planned logistics buildings at the 150-acre Peoria Logistics Park in the Peoria suburb northwest of Glendale, Arizona.

Completed industrial projects are projected to hit an all-time high in Phoenix this year, and construction has surged in recent months, with most of the space being built on speculation, according to the latest CoStar Market Analytics report.

About 46.2 million square feet is in development, increasing greater Phoenix's inventory by nearly 12% when construction is completed.