Creation Equity JV to Build 1.4 MSF Phoenix Industrial Park – What is a Ground Lease?

, Creation Equity JV to Build 1.4 MSF Phoenix Industrial Park – What is a Ground Lease?, Robert Khodadadian

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Creation Equity has received the Gilbert Planning Commission’s approval for the development of Lindsay 202 Industrial Business Park, a 1.4 million-square-foot campus in Gilbert, Ariz., according to The Phoenix Business Journal. The developer reportedly intends to break ground on the project in early 2023, with completion estimated in 12 to 14 months.

Creation works alongside LGE Design Group as project architect and Withey Morris as land-use attorney. The Gilbert Town Council will vote on the project in a future meeting.

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Lindsay 202 will come to fruition as a result of the partnership between Creation and J.P. Morgan Global Alternatives. Last year, the two companies formed a $1 billion joint venture for investing in industrial, warehouse and logistics projects. Future endeavors also include Fort West Commerce Center in Fort Worth, Texas, Midway Commerce Center in Chandler, Ariz. and McClellan One in Newark, N.J.

The proposed Gilbert project

Lindsay 202 will come online south of Loop 202, on a 94-acre plot of land at the northeast corner of Germann and Lindsay roads. The campus is set to comprise six industrial buildings, ranging from 96,787 to 502,101 square feet, as well as some 11,000 square feet of commercial or retail space.

Last year, the local authorities agreed to change the project’s land use classification from office to 90.2 acres of industrial and 3.9 acres of general commercial. Additionally, the development site was rezoned from a business park district to light industrial and general commercial districts.

The industrial park will be 10 miles from the Phoenix-Mesa Gateway Airport and roughly 27 miles from downtown Phoenix. The location is some 9 miles from the 4.1 million-square-foot, 292-acre The Ranch, one of the three industrial projects that IndiCap is developing in the metro.

The post Creation Equity JV to Build 1.4 MSF Phoenix Industrial Park appeared first on Commercial Property Executive.

 Development, Industrial, News, Phoenix, West, JP Morgan Asset Management, LGE Design Build, Withey Morris 

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