$250M mixed-use development planned on 100 acres in Phoenix
Park Algodon will combine 1.3M square feet of industrial space, adjacent retail and restaurants
Special to Independent Newsmedia
Posted 11/2/23
Phoenix-based Creation acquired nearly 100 acres in Phoenix with joint venture partner Clarion Partners for the development of a $250 million industrial and mixed-use project, Park Algodon.
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Phoenix-based Creation acquired nearly 100 acres in Phoenix with joint venture partner Clarion Partners for the development of a $250 million industrial and mixed-use project, Park Algodon.
Creation announced the acquisition on Thursday.
Located on the northwest corner of the Loop 101 and Indian School Road, the off-market deal was handled by Land Advisors who represented both the buyer and seller, the John F. Long family. This is one of the last remaining vacant land parcels owned by the late Long, a real estate pioneer who was the original developer of Maryvale’s first master-planned community, a press release notes.
The immediate area has seen a significant amount of new development recently including the much-anticipated VAI Resort in Glendale.
Park Algodon is a two-phase speculative industrial development spread across 86 acres that totals approximately 1.3 million square feet. Expected to break ground by the end of the year, the first phase is comprised of four buildings totaling 670,000 square feet. The second phase is a single 556,000-square-foot building.
LGE Design Build is leading the construction with completion expected in late 2025.
“Park Algodon serves as a catalyst to attract new employers to the area and offers exciting, meaningful employment opportunities for an underserved area of the Valley,” Grant Kingdon, Creation’s Mountain West Region principal, stated.
Separate from the joint venture, Creation is developing The Shops at Park Algodon on an adjoining seven acres, which will include more than 14,000 square feet of restaurant and retail space, along with four pads for additional restaurant development.
Similar in modern architecture and design to Creation’s The Colony in Phoenix and The Collective in Tempe, The Shops will feature an assortment of restaurants and retailers. Matt Milinovich and James DeCremer with Avison Young have been hired to handle leasing.
“We are looking forward to bringing much-needed retail and restaurant inventory to this premier location,” Alex Bez, principal at Creation, stated. “Our goal is to develop a thoughtfully designed project that will complement the incredible employment and residential growth in the area while also providing our tenants with modern, high-visibility space that results in successful locations for years to come.”
Creation garnered attention last month when it struck a deal with Prologis, Inc., for the $184 million sale of Creation’s Airpark Logistics Center in Goodyear, marking the largest multi-building industrial business park acquisition in Arizona history.
This rendering depicts how Park Algodon in Phoenix will look in 2025.
