By Eric Jay Toll for The Arizona Builder’s Exchange
Diving into the big industrial space shortage, USAA Real Estate Company and Seefried Industrial Properties are speculating Jones Lang LaSalle will land a tenant for the 600K SF, cross-dock Estrella Logistics Center the pair is starting. With a May 2013, finish date, the 63rd Ave. and Sherman Way, Phoenix, warehouse will break ground in October. Ware Malcomb is handling design. A GC has not yet been selected.
The joint venture partners paid $6M ($158K/acre) for the 38 acre parcel near Buckeye Rd. JLL handled the acquisition for USAA and Seefried, Daum Commercial represented the seller.
USAA and Seefried are slated to break ground on the $30M industrial project in October in hopes of delivering a nearly 593K SF cross-dock distribution building by May next year, Jones Lang LaSalle said.
No tenants have so far been lined up for the Estrella Logistics Center but the duo plans to pursue corporate employers seeking scalable space. Jones Lang LaSalle reports there is 6M SF in current user demand for industrial space, but new choices in the over 100K SF range. JLL expects large, spec warehouses will drive the industrial market through the end of 2012.
The spec building has rail access and is to be fully improved incorporating “modern logistics amenities expected by the supply chain industry,” according to a JLL news release.