{"id":1004626114,"date":"2022-11-11T02:30:58","date_gmt":"2022-11-11T10:30:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004626114"},"modified":"2022-12-09T01:00:40","modified_gmt":"2022-12-09T09:00:40","slug":"brookfield-plans-phoenix-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/","title":{"rendered":"Brookfield Plans Phoenix Industrial Project"},"content":{"rendered":"
\"\"<\/a>

Eastmark 202 Logistics Center. Image courtesy of Brookfield Properties<\/p><\/div>\n

Brookfield Properties<\/strong> is planning to add approximately 858,000 square feet to metropolitan Phoenix\u2019s high-demand industrial market with the development of Eastmark 202 Logistics Center. The global real estate services company will build the three-building campus just off Loop 202 in Mesa, Ariz.<\/p>\n

Brookfield is entering new territory of sorts with Eastmark 202, as the project marks the company\u2019s first investment in new logistics development in the Greater Phoenix area. \u201cIn seeking to expand our presence in Phoenix, we were very selective in identifying sites that minimized planning risk, while providing the ability to capitalize on the strong tenant demand that persists throughout the city,\u201d Andrew Brent, a senior vice president with Brookfield Properties, told Commercial Property Executive<\/em>.<\/p>\n

Eastmark 202 will take shape on a 44-acre site at the intersection of E. Elliot Road and S. Everton Terrace, roughly 35 miles east of downtown Phoenix in the Southeast Valley submarket. Securing a developable site for new industrial projects in the metro area is no simple feat, and it is even more challenging in the Southeast Valley.<\/p>\n

\n

READ ALSO:<\/strong> Industrial Market Trends, Takeaways From SIOR CREate 360<\/a><\/p>\n

\n

\u201cCompetition for sites across this submarket has been strong over the past nine to 12 months. The economy is diverse, and there is an array of businesses that are seeking either an entry point or an expansion into the market,\u201d Brent said. \u201cDevelopers have been meeting that demand by acquiring unentitled sites, taking the time to obtain the necessary approvals, then bringing forward those developments themselves. Our logistics team was able to leverage the reach of the broader Brookfield platform to identify an off-market opportunity and moved swiftly to secure the site.\u201d<\/p>\n

Catering to user needs<\/h2>\n

Eastmark 202 will consist of a single cross-dock building and two single-load buildings, each featuring 40-foot clear heights and 200-foot truck courts. As noted in a May 2022 document submitted to the city of Mesa\u2019s Planning Division, the distribution facilities will be constructed of concrete, with hybrid wood roofs, metal paneling and exterior canopies.<\/p>\n

The logistics park\u2019s buildings will maintain complementary architectural styles designed to appeal to a variety of users, including manufacturing, warehouses and offices. Additionally, all three facilities will have the capacity to accommodate single or multiple tenants.<\/p>\n

Brookfield plans to commence construction of Eastmark 202 in the second quarter of 2023. If all goes according to schedule, the project will reach completion early 2024.<\/p>\n

Keeping pace<\/h2>\n

The metropolitan Phoenix industrial market continues to thrive<\/a>, due in no small part to its expanding population and strong labor pool, and the numbers tell the story. In the third quarter of 2022, the metro\u2019s industrial vacancy remained in a historically low range at just 3.1 percent, and conditions were even tighter in Mesa, which recorded a 2.2 percent vacancy rate in the third quarter, according to a report by CBRE<\/strong>. Furthermore, there were no new deliveries or under-construction projects in Mesa during the first three quarters of the year.<\/p>\n

\n

READ ALSO:<\/strong> Industrial Rents Continue to Climb at Robust Pace<\/a><\/p>\n

\n

Eastmark 202 will be in a prime position to capture demand opportunities should fundamentals remain robust in the Southeast Valley submarket\u2014and there is every indication that they will endure. \u201cThe Southeast Valley continues to be one of the most active submarkets,\u201d according to the CBRE report. \u201cExpect vacancy to decrease in Q4 2022 as there are 68 tenants looking for a grand total of 8.7 million square feet in the submarket.\u201d<\/p>\n

Beyond the Southeast Valley, Brookfield has other ideas about bridging the gap between supply and demand in the Greater Phoenix area; the company is actively working on other sites for new development. \u201cWe have strong conviction in our business plan based on the market activity we have witnessed over the past 12 months. We are actively in the market seeking new investment opportunities and have an optimistic outlook for the market,\u201d Brent noted.<\/p>\n

Big picture<\/h2>\n

Brookfield, which has also been keeping making notable moves in the office and mixed-use sectors, has been busy helping to fill the void in industrial offerings across the county all year. In August 2022, the company announced that it would develop Rockland Logistics Center<\/a>, a 1.2 million-square-foot distribution campus in Suffern, N.Y., in Rockland County. And Brookfield increased its industrial portfolio by 3.5 million square feet in February with the joint venture acquisition<\/a> of a national collection of 51 logistics assets.<\/p>\n

Looking ahead to 2023, Brent said that Brookfield\u2019s logistics business is well-positioned to continue with investment and development activity. \u201cWhile there may be some uncertainty on the capital markets front at present, the demand side from our tenants continue to exhibit continuous momentum,\u201d Brent added. \u201cWith strong leasing fundamentals compounded by ongoing lack of supply\/demand balance, we expect resilience in the industrial sector\u2019s performance going forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Eastmark 202 Logistics Center will take shape just off Loop 202 in Mesa, Ariz. <\/p>\n","protected":false},"author":969,"featured_media":1004626119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,1601,15],"tags":[33497,32789],"class_list":["post-1004626114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-phoenix","category-west","tag-brookfield-properties","tag-cbre"],"acf":[],"yoast_head":"\nBrookfield Plans Phoenix Industrial Project - CPE<\/title>\n<meta name=\"description\" content=\"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Plans Phoenix Industrial Project\" \/>\n<meta property=\"og:description\" content=\"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-11T10:30:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:00:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png\" \/>\n\t<meta property=\"og:image:width\" content=\"741\" \/>\n\t<meta property=\"og:image:height\" content=\"555\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/\",\"name\":\"Brookfield Plans Phoenix Industrial Project - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png\",\"datePublished\":\"2022-11-11T10:30:58+00:00\",\"dateModified\":\"2022-12-09T09:00:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png\",\"width\":741,\"height\":555,\"caption\":\"Eastmark 202 Logistics Center. Image courtesy of Brookfield Properties\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Brookfield Plans Phoenix Industrial Project\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brookfield Plans Phoenix Industrial Project - CPE","description":"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/","og_locale":"en_US","og_type":"article","og_title":"Brookfield Plans Phoenix Industrial Project","og_description":"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.","og_url":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-11-11T10:30:58+00:00","article_modified_time":"2022-12-09T09:00:40+00:00","og_image":[{"width":741,"height":555,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png","type":"image\/png"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/","url":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/","name":"Brookfield Plans Phoenix Industrial Project - CPE","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png","datePublished":"2022-11-11T10:30:58+00:00","dateModified":"2022-12-09T09:00:40+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"description":"Brookfield Properties plans to develop Eastmark 202 Logistics Center, a 858,000-square-foot industrial park in Mesa, Ariz., near Phoenix.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png","width":741,"height":555,"caption":"Eastmark 202 Logistics Center. Image courtesy of Brookfield Properties"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/brookfield-plans-phoenix-industrial-project\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Brookfield Plans Phoenix Industrial Project"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/Eastmark-202-Logistics-Center-e1668160724448.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004626114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004626114"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004626114\/revisions"}],"predecessor-version":[{"id":1004626152,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004626114\/revisions\/1004626152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004626119"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004626114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004626114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004626114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}