Developer Creation to build $60 million industrial center in Scottsdale Airpark
Posted 2/22/23
Commercial real estate developer Creation has announced the acquisition of 18 acres within the Scottsdale Airpark with plans to develop a $60 million industrial center.
The Phoenix-based company …
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Developer Creation to build $60 million industrial center in Scottsdale Airpark
Posted
Commercial real estate developer Creation has announced the acquisition of 18 acres within the Scottsdale Airpark with plans to develop a $60 million industrial center.
The Phoenix-based company will break ground later this year on Thunderbird Commerce Park, a 243,360-square-foot, Class-A industrial building located east of the southeast corner of Scottsdale and Thunderbird roads. With direct adjacency to the Scottsdale Airport, building features include 51 truck doors, 32-foot clear height, 3,000a power, four electric vehicle dual charging pedestals, 130-foot truck court depth and 322 car spaces.
“Thunderbird Business Park represents an unprecedented opportunity to develop a Class-A logistics/manufacturing building in the highly coveted Scottsdale Airpark submarket,” Grant Kingdon, the newly promoted principal of Creation’s Mountain West Region said in a written statement. “This submarket is highly supply-constrained and typically boasts the highest rental rates and tightest vacancy levels in the Phoenix-metro market. The building is designed with features that will attract a wide array of tenants including companies in the pharmaceutical, aerospace, electric vehicle and semiconductor sectors, plus traditional distribution and showroom users.”
According to commercial real estate firm JLL, Arizona’s manufacturing job growth rate over the last year is more than double the U.S. rate.Nationwide, the state also ranks No. 1 in chip manufacturing and investment and No. 3 for semiconductor manufacturing.
Creation sourced this land on an off-market basis and is currently processing entitlements through the City of Scottsdale. The company has engaged award-winning LGE Design Build as the general contractor and LGE Design Group as the architect. Completion is expected in late 2024.
Founded by David Sellers and Bob Agahi in 2018, Creation’s portfolio includes $4.65 billion of ground-up developments in major growth corridors of Arizona, Texas, California, Colorado, Tennessee, New York and New Jersey.
This year, the company expects even further growth with nearly $1.5 billion in mixed-use office, retail and multi-family projects in the pipeline. The firm recently made its debut on Inc. Magazine’s Inc. 5000 list, making it one of the fastest-growing companies in America. For more, visit CreationEquity.com.
