Logistics Plus Opens 1.1 MSF Phoenix Warehouse – What is a Ground Lease?

, Logistics Plus Opens 1.1 MSF Phoenix Warehouse – What is a Ground Lease?, Robert Khodadadian

LP PHX 2. Image courtesy of Logistics Plus

Logistics Plus has added much-needed warehousing space to the Phoenix metro with its recently completed project in Glendale, Ariz. The company opened LP PHX 2, a 1.1 million-square-foot facility, bringing its footprint in The Valley to more than 1.5 million square feet of storage and fulfillment space.

LP PHX 2 has 40-foot clear heights, 190-foot truck court depth, 50-foot by 56-foot column spacing, 60-foot speed bays, LED lighting, ESFR fire protection, 395 trailer stalls, 795 car parking spaces and 5,000 square feet of speculative office space. Tom Kelly, the firm’s regional director of sales and operations, serves as property manager.

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Situated on a 148-acre site at the intersection of Loop 303 and Bethany Home Road, the warehouse gives future tenants easy access to interstates 10 and 17. The location is some 26 miles from downtown Phoenix and 29 miles from Phoenix Sky Harbor International Airport.

LP PHX 2 is adjacent to Logistics Plus’ earlier warehouse project that opened this May. LP PHX 1 is significantly smaller, at 543,000 square feet, but saw immediate interest from tenants in the solar and tech sectors after its completion.

Strong, sustained demand for Phoenix warehousing space

Logistics Plus COO Yuriy Ostapyak said, in prepared remarks, that the company is still seeing strong demand for commercial warehousing developments in certain markets and is expecting that growth to continue. According to JLL’s third quarter report on the Phoenix industrial market for 2022, vacancy rates have dropped to 6 percent despite the record-breaking amount of new supply introduced.

The JLL report noted that more than 64 percent of the speculative product delivered in the first half of 2022 was leased prior to completion, with another 19 million square feet in the remaining development pipeline also being preleased. Nearly 3 million square feet of space was leased in the third quarter, although average asking rents grew by 9.4 percent when compared to Q2.

The post Logistics Plus Opens 1.1 MSF Phoenix Warehouse appeared first on Commercial Property Executive.

 Development, Industrial, News, Phoenix, West, JLL 

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