Martens Development Company (MDC) announces the beginning of construction of its 20-acre Park 91, a new 278,000 square-foot Class A industrial development, located at the southwest corner of 91st Ave and Buckeye Road in Phoenix, Arizona.
The new complex is the second phase of Logic Park, a successful 739,000 sf industrial park on 44 acres, which will serve multiple tenants by offering various leasing size options.
READ ALSO: Here are the commercial real estate trends that favor Arizona
Park 91 will include a standalone 102,000 square-foot building and a second standalone 176,000 square-foot building which are capable of serving tenants ranging in size from 20,000 to 175,000 square-feet with its new Southwest Valley facilities. Construction is expected to complete in late 2024.
“We’re thrilled to announce the completion of financing and start of construction for the Park 91 industrial complex,” said David Martens, principal with MDC. “Our goal is to deliver space that meets the needs of the submarket, for both single and multi-tenant occupants. This is a vibrant area that is experiencing significant economic development and we’re pleased to be bringing new industrial space to accommodate the area’s growing demand.”
MDC aligned with private lender Trez Capital for the construction financing on Park 91. Trez Capital provides private financing to property developers for a variety of purposes including acquisition, refinancing, horizontal development, vertical development, land banking/lot banking and bridge financing on property deemed suitable to its investment strategy.
“We are excited to work with such an experienced developer and to have this opportunity to expand our footprint in the Phoenix market,” said Jason Stowe, vice president of origination at Trez Capital.
“Our ability to help secure a strategic lender for MDC is a true testament to their experience and the solid investment fundamentals that exist within the West Valley,” said Roman Nelson of CapMatrix, whose team served as strategic capital advisor on the transaction.
The project’s architect is Ware Malcomb and Wespac is the general contractor. Kimley-Horn is serving as the project engineer, and leasing is being handled by Gary Anderson at Cushman & Wakefield.
“We are very proud to represent MDC as the leasing team at Park 91 and helping to fill this market’s demand for quality industrial space. We look forward to a very successful endeavor,” said Anderson.
The MDC team has a proven track record of developing Class-A warehouse and distribution developments throughout the Phoenix MSA. MDC has over 47 years of development experience, delivering more than 4.5 million square-feet of industrial space within the last five years within the Phoenix MSA. Park 91 is congruent with MDC’s industry-leading strategic planning for the Phoenix market’s industrial needs.
