Ryan Companies US, Inc., a national commercial real estate solutions provider, and Alidade Capital, LLC have formed a joint venture and announce today the financial closing and beginning of construction for Innovate48 Industrial Park. Located at the southeast corner of 48th Street and Washington Street, one mile away from Phoenix Sky Harbor International Airport, the institutional quality Class-A industrial building is comprised of approximately 163,000 square feet and will provide users with unparalleled accessibility and amenities.

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“More top-tier manufacturing, logistics, and semiconductor companies are continuing to bring their business to Arizona, which makes it an exciting time to be building a state-of-the-art industrial project a stone’s throw from Phoenix Sky Harbor International Airport,” said Josh Tracy, senior vice president of real estate development, Ryan Companies. “This project offers unmatched amenities and fulfills the demand for users looking for Class-A industrial opportunities in a supply constrained area of the city.”

The project is located immediately adjacent to the Valley Metro Light Rail station, and less than a quarter of a mile from a full diamond interchange along the Arizona State Route 143 freeway providing easy access to Interstate 10, Loop 202, and Interstate 17. Five restaurants are also located within less than 100 yards of the project.

Innovate48 will have several property features and amenities including 25 dock high doors, 18 trailer stalls, four grade level doors, and a fully secured concrete truck court. The building will be 100% air conditioned, have LED lighting, and will contain approximately 3,500 square feet of speculative office suite space.

“This deal was an opportunity to connect two real estate companies with the goal of creatively re-purposing a commercial site to address current market conditions,” said Brian Ackerman, executive vice president with Colliers. Ackerman worked with Ryan and Alidade Capital, LLC to complete the transaction.

Innovate48 is being developed and built by Ryan. Butler Design Group is the architect of record. JLL Executive Managing Director Steve Larsen, Senior Managing Directors Pat Harlan and Kyle Westfall, and Executive Vice President Jason Moore have been selected to market and lease the project. For more information on leasing opportunities, please visit us.jll.com/phoenix.

Innovate48 is expected to be completed by Q2 2025.