Mortgage And Real Estate News

Sunday, September 16, 2012

2 large Phoenix warehouses being built

Construction has begun on a nearly 500,000-square-foot warehouse in southwest Phoenix.

San Francisco-based developer Prologis Inc. is building the industrial facility, the largest speculative warehouse to go up in metro Phoenix since 2008. The new industrial building is being developed on a 27-acre parcel in the Park Riverside project.

Fortune 500 retailer Marshalls is building a 1.2 million-square-foot distribution warehouse on 100 acres in the same business park, located on the southwestern corner of 55th Avenue and Lower Buckeye Road. The discount retailer plans to hire 300 people for its new Phoenix facility.

According to Prologis, one of the largest developers of industrial space worldwide, its 486,241-square-foot facility, next to the Marshalls distribution site, will be completed by next April. Prologis sold Marshalls the land in Park Riverside.

Prologis is applying to receive foreign-trade-zone designation for the business park and has a development agreement for the status with the city of Phoenix.

Companies qualifying for the designation receive benefits including reduced customs-reporting requirements and a 75 percent reduction on property taxes.

Don MacWilliam, senior vice president of the Phoenix office of Colliers International, is in charge of leasing for Park Riverside.

by Catherine Reagor - Sept. 4, 2012 The Republic | azcentral.com


2 large Phoenix warehouses being built

Reuters: Business News

National Commercial Real Estate News From CoStar Group

Latest stock market news from Wall Street - CNNMoney.com

Archive

Recent Comments