September | 2023
11.65 acres of land in Surprise sells for $7.1M: Here’s what is planned
Cushman and Wakefield has arranged the sale of a fully entitled ±11.65-acre industrial development site in Surprise (Phoenix), Arizona. Echo Real Estate Capital, Inc. acquired the land in Surprise located at 132nd Avenue and Peoria Avenue where it plans to build Echo Park @ P132, four new single-tenant industrial buildings totaling 182,610 square feet. Echo purchased the land for approximately $7.1 million in Phoenix’s expanding West Valley. The general contractor for the project is Premier Design + Build.
Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, and Katie Repine of the firm’s institutional and private capital groups represented the seller, Cohen Asset Management, in the sale of the land in Surprise.
Cushman & Wakefield’s Mike Haenel, Andy Markham and Foster Bundy will provide market leasing advisory for the new buildings.
“Phoenix’s West Valley has captured significant interest from industrial users who want to be located near the Loop 303. It also serves as a secondary location for Southwest Phoenix / North Phoenix and Deer Valley industrial users,” said Senior Director Kirk Kuller. “The offering is a terrific opportunity to develop four best-in-class shallow bay industrial buildings to meet an underserved segment of the market in this booming corridor.”
“Phoenix has about 125 million square feet of industrial properties that are less than 50,000 SF and the inventory of shallow bay buildings has grown only 4% over the past 10 years. These buildings are in high-demand and there are only a handful with modern functionality available across the entire Phoenix market,” Executive Vice Chair Will Strong. “We are happy to see such a terrific outcome for both Buyer and Seller on this deal.”
Echo Park @ P132 is located within minutes of multiple major freeways including the Loop 303, Loop 101 and Northern Parkway, providing easy connectivity throughout the Phoenix metropolitan area and access to the deep labor pool in the West Valley.
This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.