By Dermody Properties
Dermody Properties announced the acquisition of 961 acres of land in El Mirage, which will be developed into one of the largest industrial parks in Arizona’s history, with initial development expected to begin in 2022.
The firm will develop approximately 10MSF of speculative space over the next 10 years and will develop approximately 300 acres for other third-party owner/users and build-to-suit customers.
Novo Development, which has been involved with the project since its inception, will continue to assist with this new venture.
The land is being purchased from the John F. Long Family Trust.
Located with immediate access to the newly developed Northern Parkway Expressway, the park is approximately 3.5 miles from the Loop 101 and Loop 303 freeways. The industrial park is expected to attract large distribution users and companies with manufacturing operations because of the area’s strong labor base and easy access to Phoenix and most western markets. Additionally, the area is a popular location for data center users as the region has an attractive power grid, low catastrophic risk and abundant fiber networks.
Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone, meaning companies within the park that are active users of FTZ can receive up to a 75% reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities.
Pat Feeney, Rusty Kennedy and Dan Calihan of CBRE are the leasing brokers for the industrial park. (Source)