IndiCap, Invesco Team Up on 1.5M SF Business Park Build
IndiCap and Invesco are working together on a 1.5 million square foot industrial project in Phoenix. They secured an $88 million to get started on the first phase. The project is near the booming Loop 303 Corridor, in metro Phoenix’s West Valley. The general contractor is Graycor Construction and the project architect is Deutsch Architecture Group.
Construction on Virgin Industrial Park begins with Phase I, which includes three Class A industrial buildings totalling 566,121 square feet, 244,958 square feet and 213,765 square feet. Phase I is scheduled for completion during the first quarter of 2024.
The group locked in a loan to purchase the land for Phase II, which will add an additional two Class A industrial buildings totalling 297,439 square feet and 235,040 square feet. Phase II is projected to break ground during the third quarter of 2023. The site is fully improved and so is also available for immediate built-to-suit opportunities.
JLL Executive Managing Directors Marc Hertzberg, Managing Director Riley Gilbert and Associate Kelly Royle are the project’s exclusive leasing brokers.