Article Originally Posted By AZBigMedia On January 30, 2022
Lovett Industrial, the Houston-based real estate investment firm, announces the acquisition of 139 acres along the Northern Parkway in Glendale, Arizona, where it will develop NorthPark Logistics Center, a planned two-building, 1.7 million square foot Class A industrial campus. This will be Lovett’s second project in the greater Phoenix area, where the firm currently is developing I-10 Innovation Center in Tolleson, a two-building 650,000 square foot logistics development at the southwest corner of 91st Avenue and I-10.
Located within the Woolf Logistics Center just north of Luke Air Force Base, the site’s presence along Northern Parkway, and proximity to Interstate 10 and Route 303 will offer manufacturing, distribution and logistics users excellent visibility and connectivity to the greater Phoenix area and other western markets.
Lovett plans to design and entitle the site for spec construction during the first half of 2022 and will initially market the land for potential build-to-suit requirements. Upon completion, the project will feature industry leading building specifications designed to appeal to a wide range of users. The development will consist of two cross dock buildings with building one totaling approximately 1.1 million square feet and building two totaling approximately 600,000 square feet. Each building will feature 40’ clear heights and 190’ truck courts with the ability to accommodate any build-to-suit requirements.
Ted Hart, Senior Managing Director of Lovett Industrial commented, “We feel that this is an ideal time to have control of a large-scale site in the west Valley of Phoenix, where tenant demand continues to set records and building size requirements continue to increase. NorthPark Logistics Center can be tailored to a Tenant’s specific needs, including building configuration and the ability to accommodate a significant amount of trailer storage. We are grateful to our our team of consultants, the Woolf Logistics Center team, and John Werstler and Cooper Fratt of CBRE for all of their support during the execution of this transaction.”
Marketing and leasing efforts for the project will be handled by John Werstler and Cooper Fratt of CBRE. HPA will be the lead architect and Hunter Engineering will serve as the projects civil engineer.