{"id":1004659419,"date":"2023-04-28T01:41:23","date_gmt":"2023-04-28T09:41:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659419"},"modified":"2023-04-28T05:20:48","modified_gmt":"2023-04-28T13:20:48","slug":"2-phoenix-industrial-projects-get-a-boost-along-loop-202","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2-phoenix-industrial-projects-get-a-boost-along-loop-202\/","title":{"rendered":"2 Phoenix Industrial Projects Get a Boost"},"content":{"rendered":"
\"Construction<\/a>

Image by Daniel McCullough via Unsplash.com<\/em><\/p><\/div>\n

In an effort to consolidate the Loop 202 South Mountain Technology Corridor, the City of Phoenix has approved infrastructure cost reimbursements, totaling $20 million, for two development companies which will bring new industrial projects in the area.<\/p>\n

Under the terms of the recently approved agreement, Vancouver, Wash.-based IDM Cos.<\/strong> and Dallas-based Leon Capital Group <\/strong>will receive $10 million each in infrastructure construction and leasing sale taxes over a period of 10 years.<\/p>\n

\n

READ ALSO:<\/strong> Why CapRock Maintains Cautiously Optimistic Outlook for Industrial Development<\/a><\/p>\n

\n

IDM Cos. plans to develop Envision Dobbins 202 West, an 80-acre industrial park that will encompass 1.2 million square feet across six buildings, ranging between 170,156 and 245,156 square feet, CommercialEdge data shows. The site is located at the Southwest corner of South 63rd Avenue and West Dobbins Road in Laveen, Ariz., up until now a mostly agricultural area.<\/p>\n

Leon Capital Group’s project will take shape right next to IDM’s future campus. In 2022, the company paid $39.5 million for 140 acres of land; of the total, 82 acres were reserved for the development of Freeway Commerce Park @ 202. Carrying the address 6299 W. Dobbins Road, the industrial park will include four speculative buildings totaling nearly 1.3 million square feet at full build-out. Leon Capital Group has more than 2 million square feet of industrial space in its portfolio, according to CommercialEdge.<\/p>\n

More projects in the Loop 202 corridor<\/h2>\n

Since the beginning of the year, several projects, each in excess of 1 million square feet, were announced or broke ground within the Loop 202 corridor.<\/p>\n

In February, Shopoff Realty Investments’ 4.1 million-square-foot project<\/a> came before the Mesa City Council for consideration. The industrial park will come online on 270 acres at the intersection of Elliott and Sossaman roads.<\/p>\n

One month before, Creation Equity received the Planning Commission\u2019s approval for the development of a 1.4 million-square-foot campus<\/a> in Gilbert, Ariz. Slated for an early 2023 groundbreaking, the project was set to come online in 12 to 14 months.<\/p>\n

Also in January, Thompson Thrift broke ground on the first phase of Germann Commerce Center<\/a>, a 1 million-square-foot project in Queen Creek, Ariz. Completion is expected in the first quarter of next year.<\/p>\n

Phoenix is still leading the nation for industrial pipeline size against total stock. According to a recent CommercialEdge report<\/a>, the metro had 54.1 million square feet under construction as of February, representing 15.6 percent of stock, significantly higher than the national average of 3.7 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some 2.5 million square feet will come online near Loop 202.<\/p>\n","protected":false},"author":2829,"featured_media":1004659420,"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":[39669],"class_list":["post-1004659419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-phoenix","category-west","tag-leon-capital-group"],"acf":[],"yoast_head":"\n2 Phoenix Industrial Projects Get a Boost - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The City of Phoenix approved $20 million in infrastructure cost reimbursements for two developers proposing Loop 202 industrial projects.\" \/>\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\/2-phoenix-industrial-projects-get-a-boost-along-loop-202\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 Phoenix Industrial Projects Get a Boost\" \/>\n<meta property=\"og:description\" content=\"The City of Phoenix approved $20 million in infrastructure cost reimbursements for two developers proposing Loop 202 industrial projects.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/2-phoenix-industrial-projects-get-a-boost-along-loop-202\/\" \/>\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=\"2023-04-28T09:41:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-28T13:20:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/daniel-mccullough-FPFq_trr2Y-unsplash-e1682598668123.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\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\/2-phoenix-industrial-projects-get-a-boost-along-loop-202\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/2-phoenix-industrial-projects-get-a-boost-along-loop-202\/\",\"name\":\"2 Phoenix Industrial Projects Get a Boost - 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