Chicago Developer To Build $150 Million Industrial Park in Phoenix Suburb

Article originally posted on CoStar on August 30, 2021

A Chicago real estate developer is planning a 1 million-square-foot industrial park along Loop 303 in Surprise, Arizona, one of Phoenix’s outermost suburbs.

Baker Development Corp. paid $20 million for 81 acres on the northeast corner of Cactus Road and Loop 303, a freeway linking Phoenix’s out western suburbs, and plans to start the seven-building, $150 million project that would include retail pads early next year.

The warehouses to be built on speculation will range from 82,000 square feet to 378,600 square feet. The site can also accommodate companies with plans to build logistics facilities of up to 600,000 square feet.

The first phase of the project is expected to be ready for tenants by the end of next year, Baker Development said. The project will add nearly 25% to Surprise’s industrial inventory of about 4.2 million square feet, according to CoStar Market Analytics.

Large beverage manufacturing and packaging companies that have opened or planned facilities in the Loop 303 corridor include Red Bull, White Claw, Ball Enclosure and Crescent Crown, according to JLL, which represented Baker Development in the land purchase.

The property is also in the path of residential and Investment growth. Hundreds of homes, a 180-acre auto mall and a large retail center are planned under the city’s 3,300-acre Prasada master plan.

For the Record

JLL managing directors Anthony Lydon and Marc Hertzberg and Executive Vice President Riley Gilbert represented the buyer. JLL will also be in charge of leasing for the project.