IndiCap Rounds Up Funds for 1.5M SF Industrial Project
IndiCap has completed financing on the building of a proposed 1.5 million square foot industrial park and has secured the needed funds to buy land for the second phase of the project…$88 million in all. The Virgin Industrial Park project will have five buildings averaging 300,000 square feet when it’s completed. Construction on Phase I of the project is expected to begin February 2023 and groundbreaking for Phase II is projected for the third quarter of 2023. Citizens Bank secured the loan for the construction and land purchase. The development is located within Glendale’s Loop 303 industrial corridor.
The project will be developed in two phases – Phase I will include three buildings totaling 566,121 square feet, 244,958 square feet and 213,765 square feet. Phase II will include two buildings totaling 297,439 square feet and 235,040 square feet.
The IndiCap project is being developed in partnership with JLL and Invesco. The JLL Phoenix office will handle leasing on the project.