Westcore, a leading industrial real estate acquisition, development and asset management firm, broke ground this month on a 720,000-square-foot, three-building industrial campus. Named Fairway 10, the campus is located on 51 acres of land at 199th Ave. and the soon-to-be-opened new Fairway Drive interchange on the heavily trafficked Interstate 10 in Avondale, Arizona.
Westcore teamed with The Opus Group to serve as its development manager, as well as the design-build general contractor, and expects to complete the campus during the second quarter of next year.
“Fairway 10 is our first speculative development in the rapidly expanding Phoenix industrial market, and we’re already seeing encouraging tenant interest,” said Hack Adams, managing director at Westcore. “Tens of millions of consumers in the Southwest U.S. and Northern Mexico are within a day’s drive from warehouses and e-commerce facilities located in the greater region, driving continued demand for quality industrial space.”
Fairway 10 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 appropriate for one to two tenants. The fenced and secured project fronts Interstate 10 and sits between two diamond interchanges at Fairway Drive and Avondale Blvd.
“We’ve made a number of investments in the Phoenix area this year,” said Adams. “Southwest Phoenix has emerged as one of the most vibrant industrial markets nationally, and it remains a strategic market for growing our portfolio.”
According to JLL’s third quarter 2020 Industrial Insight report, 81% of the more than 6 million square feet of warehouse and distribution space absorbed in Phoenix this year came from Phoenix’s West Valley.
Anthony Lydon, Marc Hertzberg and Riley Gilbert of JLL are marketing Fairway 10.
“Our strong broker partnerships are key to our success,” said Adams. “We appreciate Bo Mills bringing this opportunity to our attention, and we are glad to be working with Tony, Marc and Riley to market the project, as they were instrumental in our ability to quickly assess the development opportunity.”
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 has acquired, managed and sold more than $9 billion in industrial and office assets, comprised of more than 750 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.