Phoenix-based ViaWest Group recently broke ground on Goodyear Crossings Industrial Park at the southwest corner of Elwood Street and Sarival Avenue in Goodyear.
The project, a joint speculative venture with a Philadelphia-based investment company, will be built on a 25.91-acre parcel ViaWest acquired in November 2019, according to a news release. The company declined to provide information on the purchase price or the cost of the project.
The companies plan to build three industrial buildings for single or multiple tenants. Building sizes will be 284,290, 67,476 and 58,473 square feet, the release stated. Delivery is intended for the third quarter this year.
“With the rapidly expanding Goodyear industrial market, these high-quality, small- to mid-size buildings are unique offerings to the market and will provide logistics and/or manufacturing solutions to a variety of growing businesses,” Via West Group Director of Development Alex Boles said in a prepared statement.
“Net absorption in Metro Phoenix was at an all-time high in 2020, absorbing just over 15 million square feet. That is a 9 million square foot increase from 2019,” said Allen Lowe, principal at Lee & Associates.
“In Goodyear’s booming market, the ViaWest spec buildings located in the Goodyear Opportunity Zone will not only be a cost savings for a new business, but they will create an accelerated time-to-market, which means a business can be up and running faster providing more jobs for our citizens,” Mayor Georgia Lord said. “We are excited to see the growth and new developments helping our community build a solid future for years to come.”
The site is 3.2 miles south of a full-diamond interchange at Interstate 10 and Cotton Lane, less than a mile from the future Loop 303 southern extension, and is directly adjacent to buildings occupied by large industrial tenants such as Amazon and Macy’s.
As the most westerly connection to California, the West Valley serves as a strategic growth market for industrial, residential and commercial demand, the release stated.
Bankers Trust provided the construction loan for Goodyear Crossings Industrial Park, and Allen Lowe and Jeff Conrad of Lee & Associates Arizona will handle leasing for the project.
Willmeng Construction, McCall & Associates and Kaeko Inc. are part of the development team, the release stated.