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$15-Mil, 259,000-SF Industrial Project Under Way

PHOENIX-First Industrial Realty Trust is working the Valley market to the max, breaking ground on its third construction project. The latest is a $15-million, 259,000-sf undertaking near Sky Harbor International Airport.

By D.J. Burrough | Updated on October 09, 2001

PHOENIX-Chicago-based First Industrial Realty Trust has kicked off work on a 259,000-sf project near Sky Harbor International Airport in Phoenix. Estimated development costs are more than $15 million.

The Red Mountain Freeway Center consists of two 62,400-sf flex buildings and a 131,700-sf structure on the site of the former East High School. A 9.4-acre tract is being held in reserve for a 110,000-sf build-to-suit.

The project site is at the southeast corner of 48th Street and the Red Mountain Freeway section of Loop 202. “Any user that’s coming to town will want to be centrally located and be close to the freeways and near the airport,” David Carder, a broker in the Phoenix office of CB Richard Ellis, tells GlobeSt.com. “This building has all that, and is close to downtown Tempe and downtown Phoenix. They can draw employees from just about any part of the Valley.” Tenants also have a perk in that their signs will face Loop 202, which falls just north of the property. A May 2002 delivery is planned.

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