Source: Marwest Enterprises
Marwest Enterprises is pleased to announce the successful joint venture for its new development known as Logic Park 91. The project consists of three buildings totaling 720KSF on 44 acres.
The new $53M, Class-A industrial project will be located at the intersection of 91st Avenue and Buckeye Road in Phoenix. The project is expected to be completed by the end of 2Q 2020.
Logic Park’s buildings will range from 230KSF to more than 250KSF of leasable space and will be delivered simultaneously to meet the market’s significant demand. The project was designed to provide tenants with a diverse range of spacing options, devisable down to 20KSF, as well as single building identity.
“We are very excited to bring this major project to the West Valley. With the tremendous demand for quality industrial product in the area, combined with the significant economic impact being brought to the City of Phoenix, we view this as a prime location for this type of development,” said David Martens, Principal with Marwest Enterprises.
Marwest Enterprises partnered on the project with a large institutional capital provider. Construction financing was provided by Alliance Bank of Arizona.
“Our ability to secure institutional capital for Marwest is a true testament to their experience and the solid investment fundamentals that exist within the West Valley,” said Roman Nelson of CapMatrix, who served as strategic capital advisor on the transaction.