Dermody Properties picked up 961 acres in El Mirage, a small dusty suburb Northwest of Phoenix in 2021. To be called LogistiCenter at Copperwing, the company is touting the site as one of the largest industrial sites in Arizona, a state that is developing a number of expansive sites.

Work has commenced on Phase I which include buildings totaling 566,000 square feet. When completed the site will feature more than 10 million square feet of distribution space with individual buildings up to 1.5 million square feet. At buildout the company estimates the value of the business park will exceed $1 billion. Dermody acquired the property for $52 million.

Dermody’s Pat Gallagher added, “The Phoenix metropolitan area is one of the fastest-growing regions in the country and is experiencing unprecedented industrial growth, having reported more than 26 million square feet of annual net absorption in 2022.” The location is near the Loop 101 and 303 freeways.