GLENDALE, Arizona, July 26, 2022 – Boutique commercial real estate company IndiCap continues its formidable metro Phoenix industrial development push with the announcement of Virgin Industrial Park, which it will develop in partnership with Invesco. At build-out, the two-phase, 110-acre Class A development will total more than 1.5 million square feet in five buildings. It will also bring IndiCap’s local industrial development pipeline to more than 14.4 million square feet and over 880 acres.
Virgin Industrial Park is located on the northwest corner of Olive and Reems Roads in Glendale, Arizona. The project sits within the nationally recognized Loop 303 industrial corridor and immediately north of Northern Parkway, a 12.5-mile expressway connecting the Loop 303 and US 60, offering a traffic reliever to nearby Interstate 10.
Virgin Industrial Park joins two other major IndiCap developments in metro Phoenix: The 1.6 million-square-foot, 113-acre Eastmark Center of Industry, being developed along the Loop 202 in Mesa with AECOM-Canyon Partners, and the 4.1 million-square-foot, 292-acre The Ranch, being developed in Gilbert with Colmena Group.
“We knew that our Phoenix footprint would grow quickly following our market entry earlier this year,” said Jason Kuckler, one of the principals at IndiCap. “We couldn’t be more pleased with the announcement of our first three, very strategically located projects, and are grateful for the support we’ve received from local municipalities. This kind of collaboration is crucial to ensuring that we’re bringing the best possible buildings, jobs and economic opportunities to our project communities – and to future communities as we continue to grow our presence in the Valley.”
Virgin Industrial Park will be developed in two phases. Phase I will include three buildings totaling 566,121 square feet, 244,958 square feet and 213,765 square feet. Phase II will include two buildings totaling 297,439 square feet and 235,040 square feet.
The project will offer a total of 263 dock doors, 20 grade level doors, 60’ to 70’ speed bays, up to 60’ x 60’ column spacing, and ESFR sprinkler systems. Buildings will also feature 32’ to 36’ clear height, 3,000 amps of power, secured truck courts and parking for more than 2,200 autos and 167 trailers.
JLL Senior Managing Director Marc Hertzberg, Executive Vice President John Lydon and Associate Kelly Royle are the project’s exclusive leasing brokers.
“The West Valley has experienced tremendous growth, but even with that growth, almost 70 percent of its population still commutes to other parts of Maricopa County for work,” said Hertzberg. “Projects like Virgin Industrial Park will help the West Valley’s exceptional manufacturing workforce to find high quality employment closer to home, in what is becoming a world-class industrial hub.”
Virgin Industrial Park is located directly west of the Ball, Red Bull and White Claw industrial buildings, and is just a few miles north of corporate industrial neighbors such as Nestle, Williams Sonoma, Walmart, MLILY, Puma, REI and XPO Logistics.
Construction on Phase I of Virgin Industrial Park begins November 2022, with completion expected by December 2023. Completion of Phase II is anticipated by Q1 2024.
Graycor Construction Company has been selected as the project’s general contractor. Deutsch Architecture Group is the project architect.
Formed by real estate industry leaders Mike Chernine and Jason Kuckler, the IndiCap development team brings over 100 years of collective experience to the Arizona and Nevada real estate markets. Todd Ostransky, IndiCap’s vice president of development (AZ) and Aaron Asmus, development manager (AZ), lead all Arizona development projects.
Through their strong local relationships, the IndiCap team continues their pursuit of prime industrial land in the Phoenix metroplex, including the Loop 303 Corridor, Central Phoenix, Mesa, Gilbert and Casa Grande.
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IndiCap, founded in 2021, specializes in industrial investment, development, consulting, and management services in Arizona and Nevada, with growth and expansion plans across other Western States. IndiCap's scope consists of site selection, design, site plans and construction, finance and budgets, and full development services. For more information, visit indicapinc.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 658 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2021, the Phoenix team completed 118 million square feet in lease and sale transactions valued at $3.6 billion, directed $140 million in project management and currently manages a 54.6 million-square-foot portfolio. For further information, visit www.jll.com.