A venture formed by Wentworth Property Co. in Phoenix (principals James Wentworth Sr. and James Wentworth Jr.) and Clarion Partners in New York is planning a $60M, 900,000 SF Class A industrial park consisting of rear-load and cross-dock buildings ranging from 140,000 SF to 280,000 SF.
The venture recently acquired a 59.48-acre parcel for $9.3M in the Phoenix Sky Harbor International Airport submarket of Phoenix, representing the last large-scale developable parcel in the area. The property is located at the NWC of 24th St. and the Rio Salado.
Site work begins this summer for three speculative buildings totaling approximately 600,000 SF with vertical construction commencing this fall. The site is zoned A-2.
“The Sky Harbor area is one of the most sought-after yet most land constrained industrial markets in Greater Phoenix,” said Wentworth principal James Wentworth Jr. “This new development will benefit significantly from the limited supply and open new opportunities for businesses needing a central location and close proximity to the airport.”
“We’re excited to partner with Wentworth on this high profile, in-fill development site. We believe the project can act as a catalyst for business and job growth in the city of Phoenix,” said Dayton Conklin, senior vice president at Clarion Partners. “The Phoenix industrial market continues to be an area of focus for Clarion Partners and we are pleased to be expanding our presence with this unique opportunity.”
The seller was Behringer Harvard of Dallas. Allen Lowe and Jeff Conrad of Lee & Associates of Arizona Inc. in Phoenix brokered the sale.
