Marwest Enterprises announced the successful joint venture for its new development known as Logic Park 91. The project consists of three buildings totaling 720,000 square feet on 44 acres.
The new $53M, Class-A industrial project will be located at the intersection of 91st Avenue and Buckeye Road in Phoenix. The project is expected to be completed by the end of 2Q 2020.
Logic Park’s buildings will range from 230,000 SF to more than 250,000 SF of leasable space and will be delivered simultaneously to meet the market’s significant demand. The project was designed to provide tenants with a diverse range of spacing options, devisable down to 20,000 SF, as well as single building identity.
“We are very excited to bring this major project to the West Valley. With the tremendous demand for quality industrial product in the area, combined with the significant economic impact being brought to the City of Phoenix, we view this as a prime location for this type of development,” said David Martens, Principal with Marwest Enterprises.
Marwest Enterprises partnered on the project with a large institutional capital provider. Construction financing was provided by Alliance Bank of Arizona.
“Our ability to secure institutional capital for Marwest is a true testament to their experience and the solid investment fundamentals that exist within the West Valley,” said Roman Nelson of CapMatrix, who served as strategic capital advisor on the transaction.
Other project partners include Ware Malcomb, architect; Willmeng Construction, general contractor; and Hunter Engineering as the engineer. Leasing for Logic Park 91 will be handled by Gary Anderson and Mike Gilbert at Cushman & Wakefield.
“We are very proud to represent Marwest as the leasing team at Logic Park and helping to fill this market’s demand for quality industrial space. We look forward to a very successful endeavor,” Anderson said.
