Dallas-based Provident Realty Advisors, a private real estate investment firm, plans to build its first industrial facility in Arizona on a prime infill parcel along Grand Avenue in the West Valley.
Construction on the facility is expected to begin in the first half of 2023 with a completion date of early 2024. The facility will feature 36-foot clear heights, about 61 dock doors, a 185-foot truck court and 86 trailer parking spaces. Provident said it's currently pursuing sites across the Phoenix metro but was attracted to this specific parcel because of the infill opportunity and since the site was already zoned for industrial uses.
The company also expanded into the Phoenix market because of the business-friendly environment, population growth and"strong" industrial real estate fundamentals, Martin added. The company declined to share the cost of construction or value of the facility, but said long lead times for materials such as concrete and electrical equipment continue to pose a challenge due to costs and availability. It added that the Phoenix market is"significantly more expensive" to build in than most other markets the company is active in.Also in Glendale, Chicago-based Echo Real Estate Capital Inc.