Today, Contour, a leading privately-held real estate and development company, and co-developer Miramar Industrial Partners, the industrial operating and investment arm of Miramar Capital, announced that they secured a $68 million construction loan from Bank OZK with capital partner DWS for a 77-acre industrial center located on the southeast corner of Southern Avenue and Apache Road in Buckeye, Arizona. The announcement paves the way for the next phase in the building’s development, which broke ground June 1.
The project, known as Southern Industrial Center, will include the development of an expansive 1.2 million-square-foot industrial facility. When complete, the facility will be able to accommodate e-commerce, warehouse, and logistics tenants in need of a regional distribution hub in one of the fastest growing industrial markets in the U.S.
“Southwest Phoenix is an attractive market for large-scale Class-A industrial developments,” said Contour’s President, Ted Fentin. “A strong labor market and well-positioned access to major regional and interstate highways has driven tremendous demand over the last few years.” Fentin continues, “Bank OZK is a trusted financial partner, and we are thrilled to be working with their team on this new industrial center that will serve as a valuable asset in the West Valley of Phoenix.”
“We’re very excited to work with Contour, Miramar and the entire development team on the construction financing for Southern Industrial Center,” said Jason Choulochas, Executive Vice President, Bank OZK. Choulochas continues, “We have a long, successful track record over the last decade with Ted Fentin and his team, and are thrilled to officially kick off our relationship with Contour, Miramar and DWS.”
The three entities acquired the land for development in late-2021. Construction of the new industrial center is slated for completion in summer 2023.
“We’re happy to officially begin construction on this 1.2 million square foot building, one of only a few slated to be delivered across the region within the next 12-18 months,” said Founder and Chief Executive Officer, David Daneshforooz. “When we first entered the Phoenix metro area 18 months ago, we knew the market was ripe for industrial development, especially demand in west valley for larger buildings. We have since acquired the land for three large-scale industrial projects across the Phoenix Valley totaling 3.6 million square feet of development, two of which are or will be under construction this summer and set to be completed next year.”
Located in the westernmost suburb in the Phoenix metropolitan area, Buckeye offers direct accessibility to the Inland Empire and Port of Los Angeles via Interstate 10, as well as convenient local access from Arizona State Route 85.
JLL is leading tenant leasing for Southern Industrial Center. For more information about the development of Southern Industrial Center, please visit www.ContourRE.com.