The Phoenix office of JLL has completed a land deal that assembles 215 acres at I-10 and 83rd Avenue in Phoenix for TEN – a mega $300 million mixed-use business park. When complete, the project will become the largest freeway industrial employment site in Phoenix.
Irwin Pasternack serves as the property owner, architect and developer. JLL Managing Directors Anthony Lydon and Marc Hertzberg represented Pasternack in the land purchase and serve as the project’s exclusive leasing brokers.
The team expects to have at least one major, million-plus-square-foot industrial building under construction within the next 12 months.
“This is absolutely the best location for an Arizona industrial project,” said Pasternack. “It has premier freeway frontage at the intersections of Interstate 10 and the Loop 101, is on route from the docks in California to the rest of the country, enjoys tremendous corporate neighbors and a massive footprint large enough to handle any corporate need in the marketplace. We will compliment that development with retail services such as gas, food and neighborhood retail, to create a full-service offering and a great place to work for companies and their employees.”
“The promotion of TEN is focused on high end, pre-leased build-to-suits on behalf of national and international companies,” added Lydon. “Corporate design/build demand continues to drive the Phoenix industrial market. In fact, we’re currently tracking eight to 10 million square feet of employment development that has sustained interest in Arizona for their location solutions.”
Located near the confluence of I-10 and the Loop 101, TEN offers significant building opportunities. The master plan for the shovel-ready freeway site includes retail/commercial services along 83rd Avenue and modern build-to-suit industrial solutions scalable to 1.5 million square feet. TEN enjoys direct access to the 1.5 million-person West Valley workforce and corporate neighbors including Amazon, Cardinal Health and PetSmart. It also offers Foreign Trade Zone capability, reducing both real and equipment taxes by 72 percent.
“Phoenix’s long-term economic health depends in part on its ability to attract, accommodate and retain industry as part of a balanced and diversified economy,” said Phoenix District 7 Councilman Michael Nowakowski. “This assemblage of land, with its high visibility and accessibility, is perfect for attracting new businesses that will be able to operate efficiently and profitably.”
Active in the market since the mid 1970s, one of Pasternack’s most recent project is the 450,000-square-foot Living Spaces industrial build-to-suit at 67th Avenue and I-10.
“TEN will deliver a similar inventory – buildings of 500,000 square feet and up with modern, state-of-the-art amenities,” said Hertzberg. “We are early in Phoenix’s industrial rebound, but it is happening. The time is right to bring this site to market.”