"It's relatively the only game in town there," Thom Blumer, who is developing the property along with Fred Stiles, tells GlobeSt.com. "For a general industrial user in the 5,000- to 50,000-sf range with good trucking (access), there is very little available."
The second phase of the highly successful "commerceplex" is expected to be completed by early next year. A third phase is slated to break ground in the first half of 2003.
The project's first phase, completed in October 2001, offered 302,000 sf of multi-tenant industrial space designed to accommodate a wide range of tenants for offices, showrooms, manufacturing and warehousing. It is 75% occupied with more than 200,000 sf leased to 19 tenants.
Stiles says the project's location on a major road near Interstate 17 and the Loop 101 and close to the Deer Valley Airport makes it a prime site for tenants doing business in Phoenix's northwest region. "It's a great location for companies that want to service the north valley," he points out.
Stiles says tenants also are drawn to the complex because lease rates of between 50 cents per sf triple net and 65 cents per sf triple net are 30% to 40% below the cost of similar space in Scottsdale. The northwest valley's lower labor costs also are a big incentive to tenants, he adds.
D.L. Withers, the general contractor for Phase I, is building the second phase too. Dickinson Architects and Norman Engineering are handling the design.
The new phase will accommodate tenants who need between 5,700 sf and 100,000 sf of warehouse, light industrial or office space. Other features include an expansive concrete truck court with dock and grade-level loading for each bay, designed with 24-foot clear heights and heavy electrical power.
EMJ Development Co. is based in Los Angeles with offices in Scottsdale and Las Vegas. It owns more than 10 million sf of office and industrial space in Arizona, Nevada and California.
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