Luxury Grayson Place Apartments Open in Goodyear, Arizona
Article originally posted on CoStar on February 19, 2021
Developer Trammell Crow Co. commenced construction on a new business park called Akimel Gateway along the recently constructed extension of the Loop 202 Freeway on the Gila River Indian Community south of Phoenix.
Trammell Crow and joint venture partner Allstate Insurance started four warehouse and industrial buildings ranging from 106,000 square feet to 140,000 square feet for a total of 519,000 square feet. The properties are being built on speculation without a signed tenant, underscoring the strength of Phoenix’s torrid industrial market.
For a fifth building, locally based appliance giant Spencer’s TV & Appliance has committed to a new 319,000-square-foot corporate headquarters and distribution center that includes offices already under construction at the site. The five buildings are scheduled to be completed by December, the developer said.
The South Mountain Loop 202 corridor of Gila River Indian Community in the area south of Ahwatukee, Arizona, is gaining traction among developers, Gila River Gov. Stephen Roe Lewis said in a statement.
Though not as active as the West Valley, several large industrial projects have been finished in the Chandler industrial market since 2014, most of them delivered in the past three years, according to CoStar.
Commercial expansion in the area includes the tribe’s 3,300-acre Wild Horse Pass master plan development, anchored by a $143 million expansion of its casino and hotel. The Salt River Pima-Maricopa Indian Community, another of Arizona’s 21 tribal nations, last year proposed a massive mixed-use entertainment district called Akimel 7 that includes a soccer stadium to accommodate the Phoenix Rising Football Club, hotels and a theme park.
At Trammell Crow’s site, Spencer’s intends to use Akimel Gateway as a distribution point for 10 Spencer’s stores throughout greater Phoenix, Spencer’s President Rick Biederbeck said in the statement.
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