A Las Vegas industrial developer that has entered the Phoenix market with big plans said it recently secured financing needed toThe new development known as Virgin Industrial Park will comprise more than 1.5 million square feet of space between five buildings and two phases on 110 acres near Olive and Peoria avenues near Reems Road.
“In light of the dramatic shifts in the capital markets, we are all very grateful to get this loan closed with Citizens Bank,” said Mike Chernine, principal at IndiCap, in a statement. “We are thrilled to be moving forward with the two-phase project for Virgin Industrial Park.” The first phase of the facility is expected to start in Q1 of 2023, while the second phase is slated to break ground in Q3 of next year. The park is being developed in partnership with JLL and Invesco.
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