In the Phoenix industrial market, the big driver now is corporate design/build demand, JLL managing director Anthony Lydon tells us. Both national and international companies are interested in the market.
According to Anthony, that demand will drive absorption at the planned mixed-use business park TEN, whose 215 acres at I-10 and 83rd Avenue in Phoenix was recently assembled. He adds that JLL is tracking 8M SF to 10M SF of demand by companies with "a sustained interest in Arizona for their location solutions." Anthony's snapped with colleague Marc Hertzberg, both of the Phoenix office, who repped Irwin G. Pasternack + Associates in the assemblage of land for TEN, and in its leasing.
TEN's owner and developer, Irwin G. Pasternack + Associates, plans to take advantage of the demand with a master plan that includes retail and other commercial services along 83rd Avenue and build-to-suit industrial properties scalable to 1.5M SF in the main part of the park. Irwin G. Pasternack president Irwin Pasternack says the park will also benefit from a strong location at the intersection of I-10 and the Loop 101, en route from the docks in California to the rest of the country. The developer expects to have at least one major 1M SF-plus industrial building under construction on site within the next 12 months.
