Creation Breaks Ground on $60M Scottsdale Industrial Project
Thunderbird Commerce Park is scheduled for completion in late 2024.
Creation has broken ground on Thunderbird Commerce Park, a $60 million Class A industrial project in Scottsdale, Ariz. The 243,360-square-foot building is scheduled for completion in late 2024.
Last year, Creation began the process for Thunderbird Commerce Park by acquiring an 18-acre site where the project would be constructed. The developer has since tapped LGE Design Build as general contractor, while LGE Design Group will serve as the project’s architect.
Thunderbird Commerce Center will be built with 32-foot clear heights, 130-foot truck court depth, 3,000A of power, four EV dual charging pedestals, 51 truck doors and 322 car parking spaces. Located on the southeastern corner of Scottsdale and Thunderbird Roads, the industrial facility will be within Scottsdale Airpark and adjacent to the Scottsdale Airport.
According to Grant Kingdon, principal of Creation’s Mountain West region, the Scottsdale area’s industrial market is supply-constrained, which leads to the highest rental rates and tightest vacancy levels in metro Phoenix. Kingdon also said in prepared remarks that Thunderbird Commerce Park would attract a variety of tenants in the pharmaceutical, aerospace, electric vehicle and semiconductor sectors, along with traditional distribution and showroom users.
Staying active in the Phoenix area
In addition to Thunderbird Commerce Park, Creation has a significant pipeline of industrial projects in metro Phoenix. Last fall, the developer has teamed up with Clarion Partners to acquire a 100-acre site for the development of Park Algodon, a 1.3 million-square-foot industrial and retail project in the market.
Creation’s projects in the metro also include the four-building Ten85 industrial park in Buckeye, Ariz., the three-building Midway Commerce Center in Chandler, Ariz., as well as Nexus Commerce Center in Tempe, Ariz.
Overall, the company’s portfolio totals $4.4 billion of ground-up developments in major markets in Arizona, Texas, California, Tennessee, New York and New Jersey. In October, Creation and CrossHarbor Capital Partners reportedly closed a record-breaking sale with the disposition of Airpark Logistics Center, a 2.7 million-square-foot industrial park in Goodyear, Ariz. Prologis acquired the property for $184 million.