PHOENIX – A Nevada-based commercial real estate company has made its first foray into Arizona, buying 113 acres of land near Phoenix-Mesa Gateway Airport.
The $48 million purchase from IndiCap, a joint venture with AECOM-Canyon Partners, will include 10 buildings with over 1.6 million square feet of industrial buildings.
The project, called Eastmark Center of Industry, is located in the Elliot Road Technology Corridor.
“We are excited to launch our first project in Phoenix’s booming commercial real estate market,” IndiCap Principal Jason Kuckler said in a press release.
“This location was strategically chosen to allow easy access from multiple freeway entrances and it offers an incredible opportunity to rent and buy buildings from some of the biggest names in the house.”
The buildings will measure between 83,200 square feet and 426,400 square feet.
IndiCap plans to pursue more land in the Valley, targeting projects in Phoenix, Mesa and Gilbert.
“We see Phoenix as an industrial juggernaut in the western United States that could quickly become a key market,” Kuckler said.