Clarion Partners JV to build $250m industrial project in Phoenix
A joint venture between Phoenix-based Creation and Clarion Partners has plans to build a proposed $250 million speculative industrial project, Park Algodon, on more than 87 net acres in West Phoenix, Ariz.
The partnership of Creation and Clarion Partners will be constructing a two-phase, speculative industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley.
Phase 1 of the industrial park will consist of four buildings totaling 670,000 square feet that is expected to break ground by the end of 2023. Phase 2 will feature a single 556,000-square-foot warehouse expected to be completed in late 2025. LGE Design Build will lead construction for the project.
“As the Phoenix Metro industrial market continues to diversify it will remain a resilient real estate sector, particularly with the rise in general manufacturing demand and the commitment by the state of Arizona to the semi