Opus Development Company, LLC purchased a 23-acre parcel of land at the northeast corner of 7th and Elwood Streets in Phoenix, and plans to develop a 390,000 square-foot industrial property on the site.
The project will break ground in February and is called Opus Airport Industrial.
Opus Airport Industrial will feature a 390,000-square-foot cross-dock warehouse building. The property will feature 36 foot clear heights and dock-high and grade-level doors. The project could accommodate multiple tenants with requirements of 90,000 square feet or more. Completion is slated for the third quarter 2016.
John Werstler, Cooper Fratt and Jerry McCormick with CBRE’s Phoenix office will market and lease the property. The CBRE brokers also negotiated the land sale between Opus and the seller, 7th Street Industrial, LLC of Phoenix, which closed in September 2015.
“This 23-acre site is one of the last remaining developable industrial parcels within the Airport area submarket,” said CBRE’s Werstler. “There is high demand for modern, larger functional warehouse space in this submarket, and little existing product to meet it. Opus Airport Industrial will fill that gap.”
