DIV Eyes 848 KSF Phoenix-Area Industrial Campus
The project marks the company’s first development in the market.
DIV Industrial has acquired 47.4 acres of land in Goodyear, Ariz., for the development of Sarival Business Park, an industrial campus that is set to measure 848,000 square feet. Groundbreaking is scheduled for the first quarter of 2024, with completion expected by 2025.
The deal marks DIV’s entry in the Phoenix market. The developer purchased the land from a private seller for $9 million, public records show, with Lee & Associates representing both parties. Silverback Capital Partners provided $6 million in financing, while the seller financed the transaction with a $1 million carry-back loan, the same records show.
The Lee & Associates team included Principals Stein Koss and Tom Louer. The duo will also lead the marketing efforts for the property.
The industrial campus is planned to encompass five buildings that will range between 135,000 and 235,000 square feet. Each building will feature 3,600 amps of power, two drive-in doors, ESFR sprinkler systems, as well as office space. A total of 734 car parking spaces and 82 trailer spots will be available.
All facilities will be developed to meet LEED certification. The first three buildings will comprise 24 dock-high loading doors, 135-foot truck courts and 32-foot clear heights. Building 4 will include 22 dock doors with 36-foot clear heights and 135-foot truck courts, while Building 5 is set to feature 34 loading doors, 36-foot clear heights and 240-foot truck courts.
The Class A campus will rise at the intersection of Sarival Avenue and MC-85, south of Interstate 10 and roughly 4 miles from Phoenix-Goodyear Airport. Downtown Phoenix and downtown Glendale, Ariz., are some 23 miles northeast.
In January, DIV Industrial announced plans for El Dorado Valley Logistics Center, a 1.7 million-square-foot industrial campus in Henderson, Nev. Considered the largest industrial asset in the submarket, the property will comprise two buildings ranging between 600,000 and 1 million square feet.
Phoenix’s steady industrial pipeline
According to a CommercialEdge report, Phoenix remains one of the strongest industrial markets across the U.S. As of October, 47.3 million square feet of industrial space were under construction, accounting for the largest pipeline in the country.
Earlier this fall, a joint venture between Atlas Capital Partners and OakPoint received construction financing for a 60,500-square-foot industrial project in Gilbert, Ariz. That facility is a build-to-suit, with Frito-Lay set to occupy the space for 10 years.
Creation and Clarion Partners are working on Park Algodon, a 1.3 million-square-foot industrial and retail development in the market. Groundbreaking is scheduled by the end of the year, with completion expected in 2025.