{"id":1004557721,"date":"2021-11-15T03:16:00","date_gmt":"2021-11-15T11:16:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004557721"},"modified":"2022-12-08T10:04:22","modified_gmt":"2022-12-08T18:04:22","slug":"ca-industrial-jv-breaks-ground-on-major-logistics-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ca-industrial-jv-breaks-ground-on-major-logistics-park\/","title":{"rendered":"CA Industrial JV Breaks Ground on Major Logistics Park"},"content":{"rendered":"
\"Luke<\/a>

Luke Logistics Center. Image courtesy CA Industrial<\/p><\/div>\n

CA Industrial has broken ground on the first phase of the 90-acre Luke Logistics Center in Glendale, Ariz., the company announced Friday. CA\u2019s joint venture partner in the development is DWS\/RREEF.<\/p>\n

The four-building project, at the northwest corner of Loop 303 and Glendale Avenue, will eventually total 1.5 million square feet. Designed to LEED standards, the buildings will be suitable for warehousing, distribution, logistics, manufacturing or data center users.<\/p>\n

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READ ALSO<\/strong>: Phoenix Market Update: Vacancy Heads Down Again<\/a><\/p>\n

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Each will feature 32- to 40-foot clear heights, cross dock and rear loading with 185-foot-deep gated truck courts, trailer storage, generous car parking, ESFR sprinkler systems, and 60-foot speed bays.<\/p>\n

The first phase will be Building A, at 175,000 square feet and 32-foot clear height, and Building D, at 522,000 square feet and 40-foot clear height. This phase will be delivered August 2022. The second phase is scheduled for completion in April 2023. No dollar amount was disclosed in connection with the project.<\/p>\n

\"Luke<\/a>

Luke Logistics Center. Image courtesy CA Industrial<\/p><\/div>\n

The groundbreaking represents the strategic expansion of CA\u2019s presence in the Sun Belt, Joe Trinkle, senior vice president and market officer for CA industrial across the Southwest and West regions, said in a prepared statement.<\/p>\n

The project is being designed and constructed by design-builder LGE Design Build. JLL\u2019s John Lydon and Hagen Hyatt will be leasing the property.<\/p>\n

So far this year, CA has closed transactions totaling about $700 million in total project costs and reportedly is on track to begin developments comprising more than 9 million square feet of industrial space, including facilities in Denver; Atlanta; Dallas; Savannah, Ga.; Columbus, Ohio; Indianapolis and Las Vegas.<\/p>\n

An especially hot desert<\/h2>\n

The Phoenix area\u2019s industrial real estate market is heading toward a record year, with net absorption, rents and sales volume all at historic highs, as vacancies fall, according to a third-quarter report from Kidder Mathews.<\/p>\n

The Northwest submarket has a 5.7 percent total overall vacancy on an inventory of 70.7 million square feet. Glendale specifically has an average total vacancy of 13.3 percent.<\/p>\n

But despite that average vacancy\u2014higher than nearly every other metro Phoenix submarket\u2014Glendale is also the location for more than 90 percent of both the industrial square footage under construction and the industrial completions, year to date, also according to Kidder Mathews.<\/p>\n

Those projects underway in Glendale include:<\/p>\n