Thompson Thrift buys 68 acres in Queen Creek for $31.1M
Thompson Thrift Commercial, a wholly-owned company of Indianapolis-based Thompson Thrift, announced today the acquisition of approximately 68 acres of land zoned for industrial development, just west of the southwest corner of Germann Road and Meridian Road in the Phoenix suburb of Queen Creek.
The sale price was $31,082,205 ($10.46 per SF), according to Vizzda.
“We are thrilled to grow our presence in the booming Queen Creek area,” said Chris Hake, senior vice president, director of the Southwest region of Thompson Thrift. “With a low industrial vacancy of less than 3% in the southeast valley, and strong demand evidenced by national users like Google, Apple, Amazon, Intel, LG and others, we expect strong interest as other industrial users migrate to the submarket.”
Located just minutes away from the Phoenix-Mesa Gateway airport and with easy access to Loop 202 and the soon to be complete State Road 24, the parcel is well-positioned to take advantage of the skilled workforce of Phoenix’s Southeast Valley. The new development will be located within a mile of LG’s newly announced 1-million-square-foot facility which will generate 2,800 new jobs in the immediate area.
The company plans to begin construction in December on phase I of the project, which will feature approximately 400,000 square feet of new manufacturing, warehousing, and distribution space between five stand-alone buildings. When the project is fully complete, Thompson Thrift Commercial expects to have just under 1.1 million square feet of space between 13 buildings ranging from 62,000 to 110,000 square feet each.
“As we continue to expand our industrial development platform, we are excited to work closely with the town of Queen Creek to deliver another quality project that we believe will be a tremendous addition to this growing and very dynamic employment corridor,” said Ashlee Boyd, managing partner, Thompson Thrift Commercial.
Queen Creek is one of the fastest-growing cities in Arizona and has recently emerged as a growing industrial submarket, with strong demand from industries such as electric vehicle manufacturing, distribution, aerospace and defense, and pharmaceutical users. ASU’s Polytechnic campus with nearly 10,000 students enrolled in science, engineering, management, technology, and education programs is expected to keep a steady flow of strong talent in the area.
Thompson Thrift Commercial is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. Since its founding more than 30 years ago, Thompson Thrift has invested more than $3.7 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive projects.
The company is well-established in Arizona with completed or current projects throughout the Phoenix and Tucson metros. This closing marks the second industrial project for Thompson Thrift Commercial in the southeast valley in the last few months. The Company previously acquired 25 acres of land at the Northwest corner of Elliot and Signal Butte in Mesa for a mixed-use retail and industrial project.