The project, estimated to cost $18 million, will consist of two warehouses, totaling 260,000 sf, says Mark Krison of CB Richard Ellis Inc. Lauth has several retail developments under way locally, but Washington Airport Center will be its first industrial product in the Valley, he says.
As previously reported by GlobeSt.com, Washington Airport Center will be situated on a 17-acre parcel near 35th and Washington Streets, bought two months ago. It is the first significant new general industrial development north of Sky Harbor International Airportin recent history.
The first phase will consist of a 120,000-sf general industrial building that is expected to be completed in August. The second phase will be a 140,000-sf general industrial building that will break ground in 2006, Krison tells GlobeSt.com.
The industrial space will lease for $7.20 per sf triple net. Krison and CBRE's Bob Crum and David Carder will market the development at 3502 E. Washington St.. The tract, once housing a mobile home park, is bordered by Van Buren Road to the north and Washington Street to the south.
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