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PHOENIX-A joint venture has broken ground on what is being touted as the largest industrial spec project in the state. The 1.2-million-sf footprint is the second building to rise in the $100-million Riverside Industrial Center, coming out as the first space nears completion.

Developer KT Riverside launched the 100-acre park at 51st Avenue and Buckeye Road with a 377,000-sf building, which will be completed in the second quarter. A national retailer, whose identity is being kept under wraps, has signed a 10-year lease for the building.

Jonathan Tratt, principal with development partner Tratt Properties LLC in Phoenix says he wasn't too surprised at the speed in which the space was taken down. "You never want to be overly optimistic in these situations, but we believed we had an advantage in the market due to the pent-up demand for industrial product," he tells GlobeSt.com. "Fortunately, it panned out as we hoped it would." Tratt is co-developing the park with New York City-based KTR Capital Partners.