{"id":1004560308,"date":"2021-12-09T04:39:45","date_gmt":"2021-12-09T12:39:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560308"},"modified":"2022-12-08T20:12:06","modified_gmt":"2022-12-09T04:12:06","slug":"merit-partners-lexington-realty-begin-work-on-phoenix-area-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/merit-partners-lexington-realty-begin-work-on-phoenix-area-project\/","title":{"rendered":"Merit Partners, Lexington Realty Begin Work on Phoenix-Area Project"},"content":{"rendered":"<p>Work has gotten underway on Merit Partners Inc. and Lexington Realty Trust&#8217;s two speculative industrial buildings at PV 303, a 1,600-acre, master-planned business park just outside Phoenix in Goodyear, Ariz. Acting on behalf of the development team, Stevens-Leinweber Construction&nbsp;broke ground on Buildings 3 and 4, which will encompass 880,000 square feet of Class A space.<\/p>\n<p>PV 303, offering 2 miles of freeway frontage along Loop 303, sits roughly 25 miles west of downtown Phoenix.<\/p>\n<div id=\"attachment_1004560320\" style=\"width: 1160px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004560320\" data-attachment-id=\"1004560320\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/merit-partners-lexington-realty-begin-work-on-phoenix-area-project\/pv-303-buildings-3-and-4-goodyear-ariz-aerial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg\" data-orig-size=\"1150,601\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"PV 303, Buildings 3 and 4, Goodyear, Ariz. aerial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;PV 303, Buildings 3 and 4. Image courtesy of Merit Partners Inc. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg?w=1024\" class=\"wp-image-1004560320 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg\" alt=\"PV 303, Buildings 3 and 4, Goodyear, Ariz. \" width=\"1150\" height=\"601\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg 1150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg?resize=300,157 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg?resize=768,401 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.-aerial.jpg?resize=1024,535 1024w\" sizes=\"auto, (max-width: 1150px) 100vw, 1150px\" \/><\/a><p id=\"caption-attachment-1004560320\" class=\"wp-caption-text\">PV 303, Buildings 3 and 4. Image courtesy of Merit Partners Inc.<\/p><\/div>\n<p>The park is a work in progress and is presently home to 7 million square feet of completed or in-progress industrial facilities. At full buildout, PV 303 will encompass in excess of 20 million square feet of industrial, office and retail space in the burgeoning Loop 303 Corridor.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/behind-arizonas-largest-mpc-project-yet\/\">Behind Arizona\u2019s Biggest Master-Planned Project<\/a><\/p>\n<hr>\n<p>Building 3 will deliver 488,400 square feet, while Building 4 will add 392,000 square feet to the market. Designed by architecture firm Butler Design Group, both facilities will offer such coveted features as 40-foot clear height and cross-dock configuration. CBRE&#8217;s Pat Feeney and Danny Calihan are in place as the exclusive leasing brokers for the industrial properties.<\/p>\n<h2><strong>Familiar territory<\/strong><\/h2>\n<p>SLC is no stranger to PV 303. A leading Phoenix-based general contractor with plenty of <a href=\"https:\/\/www.commercialsearch.com\/news\/comunale-properties-to-develop-1st-phoenix-industrial-project\/\">construction credits to its name<\/a> across the Valley, the company has completed a handful of industrial projects within the park, including the build-out of the Ball manufacturing warehouse, tenant improvement for Boeing\/XPO, the build-to-suit warehouse and logistics facility for HD Supply and a distribution center for Abercrombie and Fitch. Additionally, SLC is presently working on another project for Merit within the PV 303, an 802,000-square-foot shell building.<\/p>\n<div id=\"attachment_1004560322\" style=\"width: 1160px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004560322\" data-attachment-id=\"1004560322\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/merit-partners-lexington-realty-begin-work-on-phoenix-area-project\/pv-303-buildings-3-and-4-goodyear-ariz\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg\" data-orig-size=\"1150,599\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"PV 303, Buildings 3 and 4, Goodyear, Ariz\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;PV 303, Buildings 3 and 4. Image courtesy of Merit Partners Inc. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg?w=1024\" class=\"wp-image-1004560322 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg\" alt=\"PV 303, Buildings 3 and 4, Goodyear, Ariz. \" width=\"1150\" height=\"599\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg 1150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg?resize=300,156 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg?resize=768,400 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/PV-303-Buildings-3-and-4-Goodyear-Ariz.jpg?resize=1024,533 1024w\" sizes=\"auto, (max-width: 1150px) 100vw, 1150px\" \/><\/a><p id=\"caption-attachment-1004560322\" class=\"wp-caption-text\">PV 303, Buildings 3 and 4. Image courtesy of Merit Partners Inc.<\/p><\/div>\n<p>Spec projects are a welcome product in metropolitan Phoenix. &#8220;Net absorption set a record in the third quarter, surpassing 15 million square feet year-to-date,&#8221; according to a third quarter 2021 report by CBRE. &#8220;Net absorption continued to significantly outpace deliveries.&#8221;<\/p>\n<p>Third-quarter net absorption totaled just over 3.2 million square feet in the Greater Phoenix area and the vacancy rate dropped to a record low of 4.2 percent. The vacancy rate in North Goodyear, home to PV 303, was even lower at just 2.6 percent.<\/p>\n<p>With construction activity already underway, SLC expects to deliver Buildings 3 and 4 in the summer of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two speculative buildings will soon rise at PV 303, a 1,600-acre business park.<\/p>\n","protected":false},"author":969,"featured_media":1004560319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,1601,15],"tags":[38006,32789,36727],"class_list":["post-1004560308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-phoenix","category-west","tag-butler-design-group","tag-cbre","tag-lexington-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Merit Partners, Lexington Realty Begin Work on Phoenix-Area Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Two speculative buildings will soon rise at PV 303, a 1,600-acre business park. 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