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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IndiCap moves forward with new Glendale industrial park, secures financing - Phoenix Business JournalDevelopers have continued building in the Phoenix metro even as the nation has started to see supply of buildings outpace demand for space, or a cool-down in leasing activity in the fourth quarter of 2022.
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Buckeye moves forward with plans to rezone 300-acre site for industrial development - Phoenix Business JournalThe city's planning commission approved a preliminary plat for a new industrial park and the rezoning for hundreds of acres for another development. The approvals will help add more sites to the city's growing industrial corridor along State Route 85.
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Hobbs: Far West Valley water supply not enough for development plans - Phoenix Business JournalOn Monday, in her State of the State address, Gov. Katie Hobbs revealed a large area of the far West Valley is far short of that requirement and accused former Gov. Doug Ducey's administration of keeping the information secret from the public.
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Why an analyst says SVB may be betting on the wrong economic horse - Phoenix Business JournalAnalyst Dick Bove said Silicon Valley Bank — which has major operations in Tempe — may not be well positioned for the big economic changes he sees ahead.
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As Super Bowl LVII approaches, here's PBJ's in-depth coverage - Phoenix Business JournalWhen the Super Bowl comes to town, so do thousands of fans, celebrities, parties — and so does a massive economic impact. Here is a roundup of the Phoenix Business Journal's feature articles from our recent Super Bowl weekly 'takeover' print edition focused solely on the big game covering everything the business community needs to know.
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PepsiCo (Nasdaq: PEP) opens newest facility as more industrial projects proposed for Goodyear - Phoenix Business JournalIndustrial activity has not slowed down in the Valley. Here are several of the biggest industrial deals that happened this week, including the grand opening of PepsiCo's new facility, multiple industrial sales and another project proposed for an industrial corridor in the West Valley.
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