Westcore, a leading industrial real estate acquisition, development and asset management firm, has teamed with The Opus Group to develop a 720,000-square-foot, three-building industrial project on 51 acres of land in Avondale, Arizona, a submarket of Phoenix.
Westcore anticipates breaking ground in October 2020 for delivery of the Class A project between June and August of 2021. It will include two single-loaded buildings of 162,000 and 170,000 square feet, well suited for two to four tenants, as well as one 390,000-square-foot cross-dock building well suited for one to two tenants. The project fronts Interstate 10 and sits between two diamond interchanges at Fairway Drive and Avondale Blvd.
“With our existing broker relationships and growing presence in the Phoenix market, Westcore was able to close on the land purchase at a time when many other competitors were effectively on the sidelines,” said Don Ankeny, president and CEO of Westcore. “The Opus Group, which had already designed and entitled the project, lost no time in the development process by bringing us on board.”
Bo Mills, head of industrial capital markets in the Western U.S. for JLL, and Marc Hertzberg, Riley Gilbert and Tony Lydon of JLL’s Arizona industrial group represented The Opus Group in the transaction. Westcore relied heavily on the JLL’s Arizona industrial group for underwriting information and will engage the team of Hertzberg, Gilbert and Lydon to market the development. Terms of the development deal were not disclosed.
“We’re grateful to our broker partners who brought to our attention this opportunity with The Opus Group,” said Hack Adams, managing director at Westcore. “Between the incredible location and strategic market timing, Opus has done a masterful job laying the groundwork for an institutional-quality industrial project, and we look forward to building it with them.”
Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles and Oakland, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.