Provident Launches $80M Industrial Park in Phoenix
Construction is scheduled to begin next year.
Dallas-based Provident Industrial has acquired 27 acres in Phoenix to develop Aldea Exchange, a three-building, 471,439-square-foot industrial park. Construction on the development is slated to begin in the third quarter of 2026.
Cushman & Wakefield’s National Industrial Advisory Group has shared that a tentative completion date is May 2027. Additionally, Aldea Exchange will be built in one phase, with the buildings having rear-load configurations.
The future construction site sits between 99th Avenue and West Montebello Avenue in Phoenix’s Southwest Valley submarket, providing additional space in an active industrial metro. According to a Yardi Matrix report from November, Phoenix delivered 14.0 million square feet of industrial space through September 2025, down from 25.1 million square feet across 130 projects in 2024. The vacancy rate stood at 8.2 percent, below the 9.5 percent U.S. average.
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Provident’s Market Officer Chris Martin and Market Leader Steven Nemer are leading the development. The project represents an $80 million investment for Provident and is the company’s first development since opening an office in Phoenix. Nemer shared in prepared remarks that when construction begins, it will bring Provident’s construction pipeline in the area to nearly 1 million square feet.
In 2022, the company acquired 16.6 acres for its first-ever development in the city, Commercial Property Executive previously reported. Construction began in 2024 at 6550 W. Orangewood Ave. on what is known as the Orangewood Commerce Center, according to AZ Big Media.
The construction site is about 17 miles outside of downtown Phoenix and 20 miles from the Phoenix Sky Harbor International Airport. A Walmart Supercenter and The Home Depot are also one mile away from the site. This location is near Loop 101 and offers connectivity to logistics networks on the West Coast including Southern California, Las Vegas and the Inland Empire.
Other Provident projects in the works
Provident has developed or invested more than $6 billion in real estate projects across the U.S. since its foundation in 1991. In February 2025, Provident began work on Phase 4 of Gateway Logistics Park in El Paso, Texas. Phase 4 is adding 497,280 square feet across three buildings next to the previous phases that have already been completed.
In May, the company also began working on a separate project in Houston known as Eastex 59. The project is a 740,404-square-foot industrial park that will span four buildings. Junction Commercial Real Estate served as the capital partner on the project.
Last week, Provident announced another multi-building industrial development in Round Rock, Texas. The company broke ground on Eagle 35 located at 17 Cypress Boulevard, a 292,884-square-foot, three-building project. Provident is developing the project in partnership with CIBC Bank USA, with an estimated completion date in early 2027.
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