Development

Company plans to develop $180M project in Queen Creek

Land will house new manufacturing, warehousing and distribution space

Posted 6/7/22

 Approximately 68 acres of land just west of the southwest corner of Germann and Meridian roads in Queen Creek recently was acquired by real-estate developer Thompson Thrift ...

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Development

Company plans to develop $180M project in Queen Creek

Land will house new manufacturing, warehousing and distribution space

Posted

Approximately 68 acres of land just west of the southwest corner of Germann and Meridian roads in Queen Creek recently was acquired by real-estate developer Thompson Thrift Commercial. The land is zoned for industrial development.

In an email, Chris Hake, senior vice president, director of the Southwest region of Thompson Thrift, said the company paid more tha $31 million for the land.

Thompson Thrift Commercial plans to begin construction in December on phase I of the project, which will feature approximately 400,000 square feet of new manufacturing, warehousing and distribution space between five stand-alone buildings. When the project is fully complete, Thompson Thrift Commercial expects to have just under 1.1 million square feet of space between 13 buildings ranging from 62,000 to 110,000 square feet each.

In an email, Hake said "the total project cost is expected to exceed $180 million."

“We are thrilled to grow our presence in the booming Queen Creek area,” stated Hake in an earlier news release. “With a low industrial vacancy of less than 3% in the southeast valley, and strong demand evidenced by national users like Google, Apple, Amazon, Intel, LG and others, we expect strong interest as other industrial users migrate to the submarket.”

Thompson Thrift Commercial is a full-service real estate development company focused on ground-up commercial and mixed-use development. Since its founding more than 30 years ago, Thompson Thrift has invested more than $3.7 billion into local communities.

Located near the Phoenix-Mesa Gateway airport and with easy access to Loop 202 and the soon to be complete State Road 24, the parcel will be able to take advantage of the skilled workforce of Phoenix’s southeast Valley. The new development will be located within a mile of LG Energy Solution’s newly announced 1-million-square-foot facility.

On April 19, LG Energy Solution successfully bid more than $84.4 million for land in the northeast corner of Ironwood Drive and Germann Road. The South Korean manufacturer plans to build a $2.8 billion electric vehicle battery manufacturing facility. which the company claims will generate 2,800 new jobs in the immediate area.

“As we continue to expand our industrial development platform, we are excited to work closely with the town of Queen Creek to deliver another quality project that we believe will be a tremendous addition to this growing and very dynamic employment corridor,” stated Ashlee Boyd, managing partner of Thompson Thrift Commercial, in the release.

Queen Creek recently was named the fastest-growing city in Arizona and is emerging as a growing industrial submarket, with strong demand from industries such as electric vehicle manufacturing, distribution, aerospace and defense, and pharmaceutical users. ASU’s Polytechnic campus with nearly 10,000 students enrolled in science, engineering, management, technology and education programs is expected to keep a steady flow of qualified workers in the area.

Thompson Thrift Commercial is based in Indianapolis but is well-established in Arizona with completed or current projects throughout the Phoenix and Tucson metro areas. This closing marks the second industrial project for Thompson Thrift Commercial in the southeast valley in the last few months. The company previously acquired 25 acres of land at the northwest corner of Elliot and Signal Butte in Mesa for a mixed-use retail and industrial project.

Queen Creek, Mesa, Thompson Thrift Commercial, real estate

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