Logistics Property Co. is just weeks away from breaking ground on its first industrial project in the Valley, and hopes to significantly expand its Phoenix portfolio in the coming years.
"With the level of excitement we have in Phoenix and the three legs of the stool [it offers] — the onshoring, the distribution and population growth — we want multiple presences in each of the submarkets," saidrecently closed a $1.8 billion fund that will allow it to build and manage projects throughout the country, including Phoenix. Thus far, 35% of the fund has been allocated for investments in Atlanta, Chicago, Dallas, Denver, the Inland Empire, Pennsylvania, southern New Jersey and Phoenix. While Cushard declined to disclose an exact investment planned in the Valley, he said Logistics Property is starting with a nearly $120 million project called Palm Gateway Logistics Center in Mesa.
, the four-building, 613,000-square-foot industrial project will break ground in December on the northeast corner of Sossaman and Pecos roads near the Phoenix-Mesa Gateway Airport."That airport is poised to explode," Cushard said."Between Intel, Meta, Google, Apple — it's just amazing what's down there. All those businesses have growth arms that come off of them that allow for other businesses to want to be down there and service them.
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