Echo Leases 126 KSF at Phoenix Industrial Campus – What is a Ground Lease?

 Brokerage, Industrial, News, Phoenix, West, CBRE, Echo Real Estate Capital, JLL 

Rendering of Echo Park 303. Image courtesy of JLL

Echo Real Estate Capital has signed a 126,075-square-foot preleasing agreement with logistics specialist company Axle on Demand at Echo Park 303, a two-building, Class A industrial development in metro Phoenix. JLL negotiated on behalf of the landlord, while CBRE assisted the tenant. This deal brings the property to 55 percent occupancy ahead of the expected completion, in September.

In April, the joint venture of Echo Real Estate Capital and Grandview Partners received $53.6 million in construction financing for the development. Cushman & Wakefield made arrangements to secure the loan, originated by PCCP.

READ ALSO: How Debt Costs Will Affect Industrial Demand This Year

Construction commenced in September last year, with LGE Design Build as general contractor.

Echo Park 303 is the developer’s first industrial project in the metro and comprises two buildings measuring 220,240 and 455,936 square feet, located at 9501 and 9701 N. 151st Ave. in Waddell, Ariz.

Building A, which the new tenant will use it for IT operations, warehousing, fulfillment and other third party logistics services, features 32-foot clear heights, a 135-fot concrete truck court, rear-load configuration and a 3,100-square-foot speculative office component and 440 parking spots.

Building B—currently under construction—will be a cross-dock facility set to include 40-foot clear heights, a 185-foot concrete truck court, a 3,850-square-foot speculative office component and 305 parking spots. Leasable spaces will be divisible to 225,000 square feet.

Other features of the buildings include six grade-level doors, 163 dock-high doors, EV charging stations, ESFR sprinkler systems, PAD zoning, 60-foot speed bays and 120 trailer parking spots. Situated on 40 acres within Woolf Logistics Center, Echo Park 303 is close to Loop 303 and Arizona State Route 101, 15 miles from Glendale, Ariz., 28 miles from Phoenix and within 32 miles of Phoenix Sky Harbor International Airport.

JLL’s team of Executive Vice President John Lydon, Executive Managing Director Anthony Lydon and Associate Kelly Royle worked on behalf of the landlord. CBRE’s Executive Vice President John Grady negotiated on behalf of Axle on Demand.

Phoenix’s strong fundamentals attract development

Phoenix’s industrial market continued to show strong fundamentals in April, according to a CommercialEdge report. The metro topped all others in terms of pipeline, with 57.2 million square feet of space under construction, ahead of Dallas (56.4 million square feet) and the Inland Empire (32.6 million square feet).

Other significant industrial developments in the metro include Rehrig Pacific’s injection molding manufacturing plant in Buckeye, Ariz. The 260,000-square-foot facility broke ground in May and is expected to come online in 2024.

Greystar Real Estate Partners also kicked off Caliber, a 411,918-square-foot industrial park in Peoria, Ariz. Expected to be completed in 2024, the project is part of Peoria Place, a $500 million mixed-use master-planned development.

The post Echo Leases 126 KSF at Phoenix Industrial Campus appeared first on Commercial Property Executive.

 The property is 55 percent occupied ahead of its completion in September.
The post Echo Leases 126 KSF at Phoenix Industrial Campus appeared first on Commercial Property Executive. Read More 

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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