Phoenix-based Tratt Properties LLC broke ground Feb. 25 on a 1.3-million-square-foot, Class A industrial development in Goodyear.
Sitting just south of the junction of Interstate 10 and the Loop 303, it is the largest speculative industrial building ever to break ground in the Valley of the Sun, according to press release from JLL, Tratt Properties’ leasing broker for the project.
“We are thrilled to have many great developers, such as Tratt Properties, believe in the success and vision of our rapidly growing community,” Goodyear Mayor Georgia Lord said. “Goodyear’s access to market makes this an ideal area for a state-of-the-art speculative building and provides a perfect location for any growing, expanding, or relocating business. Plus, our residents also benefit by creating additional jobs for our community – keeping workers close to home and family; and expanded retail and restaurant options by increasing the city’s daytime population.”
“Elwood Logistics Center brings together the best of a modern, institutional-grade logistics park in one of the fastest growing industrial and e-commerce submarkets in the nation,” Tratt Properties Principal Jonathan Tratt said. “We appreciate the support we’ve received from the City of Goodyear to help bring this project to fruition and are thrilled to celebrate our groundbreaking today.”
Elwood Logistics Center, on 83 acres at Sarival Avenue and Elwood Street, will total 1,310,258 square feet at build-out, with amenities purposefully designed to meet the needs of major logistics, manufacturing, food and beverage, and e-commerce users, the developer said.
This includes a 40-foot clear height, cross-dock building with a 190-foot gated and secure concrete truck court and 235 dock-high loading positions. The site provides parking for more than 1,400 cars and 327 trailers.
The site is accessed from the I-10/Cotton Lane interchange. It sits within both a pending Foreign Trade Zone, which would provide duty advantages and up to 72% reduction in real and personal property tax, and an Opportunity Zone, offering tax advantages for operators that invest in areas targeted for economic or employment stimulation.
“The combination of Foreign Trade Zone capability and Opportunity Zone status make Elwood Logistics Center an extremely advantageous site option,” said JLL Managing Director Anthony Lydon, who serves as the project’s exclusive leasing broker along with JLL Managing Director Marc Hertzberg and Vice President Riley Gilbert. “Add to that Goodyear’s position as the sixth fastest growing city in the U.S. and the nation’s second-highest-ranked workforce market with almost 1.5 million people within a 30-minute drive, and you have a very precise mix of geography and labor that is critical for a huge range of national and global operations. That mix is a reflection of the expertise that Tratt Properties brings to this process.”
Headquartered in Phoenix, Tratt Properties specializes in the acquisition and development of Class A e-commerce and logistics properties in key markets throughout the U.S., with a focus on delivering modern, flexible and scalable global supply chain real estate solutions.
Construction is scheduled for completion in December 2020. Project general contractor is The Renaissance Companies. Project architect is Deutsch Architecture Group.