New industrial project proposed for growing business park in West Valley

New industrial project proposed for growing business park in West Valley

Article Originally Posted By PhoenixBusinessJournal On June 16, 2022

Dallas-based real estate investor Mohr Capital plans to develop a 704,472-square-foot facility in a growing industrial center in the West Valley.

The project, known as Summit Business Park, will comprise a 453,960-square-foot and 250,512-square-foot building close to the northwest corner of Dysart and Cactus roads at the Surprise railplex.

“Summit Business Park brings Mohr Capital into one of Arizona’s fastest-growing cities. The business park will answer the needs of the growing community and new industries entering the West Valley submarket,” said Tom Theobald, senior vice president for Mohr Capital, in a statement.

The facility is expected to start construction in August and be completed by summer of 2023. Nitti Builders in the general contractor, while Ware Malcomb is the architect. Tony Lydon, John Lydon and Kelly Royal of JLL will handle leasing for the facility.

The buildings will be ideal for distribution, manufacturing and logistics companies throughout the Southwest with the ability to serve numerous large urban areas located within a one-to-two-day delivery zone, the company said. Mohr Capital declined to share the value of the buildings.

The larger building will feature 106 dock doors, four grade-level doors, 144 trailer parking spaces, 368 auto parking spaces and a fully secured 145-truck court with a 36-foot clearance. The second building will include 58 dock doors, four grade-level doors, 81 trailer parking spaces, 338 auto parking spaces and a 135-truck court under a 32-foot clearance.

Mohr Capital purchased the nearly 50 acres from Capital VIII LLC for $14.6 million in January, real estate database Vizzda shows. The investment firm specializes in the acquisition, development and value enhancement of office, industrial hotel and retail spaces across the U.S and has completed more than $1 billion in transactions.

Railplex growing

The new industrial project in Surprise will add to a growing number of buildings in the Surprise railplex. The buildings will be located within a BNSF-certified rail site that's shovel-ready and adjacent to the planned Carvana Co. $65 million inspection center and other large industrial facilities.

The city's railplex recently sold out of land for new projects. Over a year, city documents show that at least 1.3 million square feet of industrial space has been proposed or planned for vacant land in or around the railplex across multiple projects since April of 2021.