Turner Real Estate Investments of Newport, CA, broke ground this week on eight free-standing, speculative industrial buildings in Phoenix, Arizona. The buildings will be move-in ready with finished office and warehouse space beginning in the first quarter of 2014. They will range in size from +/-11,000 square feet up to +/-20,000 square feet, and each building will include a private, fenced yard. The project, called Turner Spectrum Ridge at Deer Valley is zoned A-1, light industrial which allows for a very wide variety of uses.
“Turner Spectrum Ridge is the first Class A industrial development to break ground in the Deer Valley submarket in eight years,” says Kent Turner, Director of Marketing for Turner Real Estate Investments. “We believe that with the increased demand from buyers and the lack of available properties in area, the market is ready to accommodate this new development.”
The property is located at 7th Street and Deer Valley Road in Phoenix, Arizona, three quarters of a mile north of the Arizona Loop 101 freeway and just south of the newly constructed Federal Bureau of Investigation’s Regional Headquarters.
Senior Vice Presidents Michael Ciosek and Eric Bell of Voit Real Estate Services have been chosen to market the buildings for sale.
“We’re glad to finally see new development in Deer Valley, and can’t wait for this park to be delivered. There are currently only two existing properties of this type for sale in the area,” said Ciosek. “The newest buildings in Deer Valley are already 7 years old, so we look forward having brand new, state of the art facilities in the marketplace.”
Butler Design Group is the Architecture firm for the project, and Renaissance Construction is building the structures.