Developer Overton Moore Properties (OMP), along with its partner, Invesco Real Estate (Invesco), have started construction on Nextwave Tempe. The project consists of three Class A industrial buildings totaling 689,000 sq. ft. on 35.5 acres at the former site of the Big Surf Waterpark in northeast Tempe at 1500 North McClintock Drive.
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CBRE’s John Werstler, Cooper Fratt and Tanner Ferrandi are the listing brokers for Nextwave Tempe, representing OMP and Invesco. The project is already experiencing strong overall leasing interest in the project, with active preleasing negotiations underway.
“Nextwave Tempe will be a premier Class A industrial park, and its exceptional location, on the former grounds of a beloved water park, will offer modern innovation, making it an ideal hub for forward-thinking tenants,” said Werstler, executive vice president at CBRE. “The park is poised to attract leading-edge companies in aerospace, advanced manufacturing, e-commerce and logistics, all of which are pivotal to the burgeoning industrial sectors in the region.”
Nextwave, minutes from the Loop 101 and Loop 202 freeways intersection, will be the first major industrial project completed in the north Sky Harbor Airport submarket in the past two decades. The property is four miles east of the Phoenix Sky Harbor International Airport, near Arizona State University and Tempe Marketplace. The property is surrounded by an excellent labor pool with an estimated 3.2 million people accessible within a 30-minute drive from the property.
OMP views the industrial park’s state-of-the-art design and strategic positioning to become a cornerstone for growth and innovation in the area.
“We are excited to transform this iconic site into a modern industrial complex that will meet the evolving needs of innovative companies for many years to come. With its strategic location, cutting-edge design, and access to a skilled labor force, Nextwave Tempe provides an ideal hub for companies looking to thrive in greater Phoenix,” said Jason Hines, Managing Director at OMP.
The three divisible buildings can accommodate customers from 32,000 sq. ft. to 258,727 sq. ft. and are expected to be delivered in Q4 of 2025. Each high-image building has unique features that include heavy power (with expansion), abundant parking, full HVAC in the warehouses, spec offices, and private, secured truck yard areas.
Layton Construction is the general contractor for the project, and HPA Architecture is the architect on record.
