Groundbreaking day has arrived for the first phase of Airport I-10—a Wentworth Property Company/Clarion Partners Class A industrial project being leased by the Phoenix office of JLL that, at completion, will represent one of the largest Sky Harbor Airport-area speculative industrial developments in Phoenix history.
Located at the northwest corner of 24th Street and Rio Salado, Phase I of Airport I-10 Business Park includes three Class A industrial buildings totalling more than 600,000 square feet (277,954 square feet, 169,109 square feet and 156,000 square feet). Phase I of the project is slated for completion in the fall of 2014. At build out, the 58-acre site will comprise five Class A industrial buildings totalling 920,584 square feet.
“This is the last large, developable parcel left in the Sky Harbor International Airport submarket—an area that consistently ranks among the Valley’s top industrial locations,” said Wentworth Property Company Principal James R. Wentworth. “Airport I-10 is already garnering great interest. With Phoenix’s continued population and job growth, we expect this demand to do nothing but rise in the years ahead.”
According to JLL research, the Sky Harbor Airport submarket absorbed approximately 1 million square feet of industrial space last year—almost 30 percent of the more than 3.5 million total square feet of industrial space absorbed Valley-wide in 2013.
Airport I-10 will offer a modern environment for corporate users and will be fully equipped with state-of-the-art features such as ESFR sprinkler systems, 30- to 32-foot clear heights, cross-dock loading and 140- to 200-foot truck courts.
“About 90 percent of the buildings in the airport submarket were built before 2000 and lack the modern features that today’s users are looking for,” said JLL Executive Vice President Pat Harlan, who serves as an exclusive leasing broker for the project along with JLL Executive Vice President Steve Sayre, JLL Associate Kyle Westfall and JLL Managing Director Mark Detmer. “Airport I-10 delivers those benefits at a central location—a site that is truly at ‘main-and-main’ for industrial real estate.”
“Users are looking for space in the 50,000- to 300,000-square-foot range and there simply isn’t the product to accommodate that demand,” said Harlan.