Marwest Enterprises, LLC (Marwest) announced a joint venture for the four-phase planned development of The Landing at PMG, a new Class-A industrial project located on 20 acres adjacent to the Loop 202 and Phoenix-Mesa Gateway airport (PMG).
The project’s $30 million first phase consists of six buildings totaling 280,000 SF. It began construction earlier this month and is expected to complete at the end of 1Q 2019.
The Landing at PMG’s first six buildings will range from 5,000 SF to more than 100,000 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 options for leasing or purchasing and includes access to storage yards.
“We are very excited to bring this major project to Mesa, and the Southeast Valley. With the current lack of quality industrial product in the area, combined with the significant economic impact being brought to the area by PMG airport and the robust housing and employment market, we view this as a prime location for this type of development,” said David Martens, Principal with Marwest.
Marwest partnered on the project with a large institutional equity provider and Alliance Bank of Arizona provided construction financing.
“Our ability to secure institutional debt and equity for Marwest is a true testament to their experience and the solid investment fundamentals that exist within the Southeast Valley,” said Roman Nelson of CapMatrix, who served as strategic capital advisor on the transaction.
Other project partners include Ware Malcomb, architect; D.L. Withers, general contractor; and Hunter Engineering as the engineer. Leasing for The Landing at PMG will be handled by the Alex Wentis/Kevin Cosca team at CBRE.
“We are very proud to represent Marwest as the leasing team at The Landing at PMG in the Gateway Market and helping to fill this market’s gap in much-needed, quality industrial space. We look forward to a very successful endeavor,” Wentis said.