PHOENIX, ARIZ. — Marwest Enterprises is pleased to announce the successful joint venture for its new development known as Logic Park 91. The project consists of three buildings totaling 720,000-square-feet on 44 acres.

The new $53M, Class-A industrial project will be located at the intersection of 91st Avenue and Buckeye Road in Phoenix. The project is expected to be completed by the end of 2Q 2020.

Logic Park’s buildings will range from 230,000-square-feet to more than 250,000-square-feet of leasable space and will be delivered simultaneously to meet the market’s significant demand. The project was designed to provide tenants with a diverse range of spacing options, devisable down to 20,000-square-feet, as well as single building identity.

“We are very excited to bring this major project to the West Valley. With the tremendous demand for quality industrial product in the area, combined with the significant economic impact being brought to the City of Phoenix, we view this as a prime location for this type of development,” said David Martens, Principal with Marwest Enterprises.

Marwest Enterprises partnered on the project with a large institutional capital provider. Construction financing was provided by Alliance Bank of Arizona.

“Our ability to secure institutional capital for Marwest is a true testament to their experience and the solid investment fundamentals that exist within the West Valley,” said Roman Nelson of CapMatrix, who served as strategic capital advisor on the transaction.

Other project partners include Ware Malcomb, architect; Willmeng Construction, general contractor; and Hunter Engineering as the engineer. Leasing for Logic Park 91 will be handled by Gary Anderson and Mike Gilbert at Cushman & Wakefield.

“We are very proud to represent Marwest as the leasing team at Logic Park and helping to fill this market’s demand for quality industrial space. We look forward to a very successful endeavor,” Anderson said.

Tactical Boost Glide system aims to keep military ahead of threats

TUCSON, Ariz. — Raytheon Company (NYSE: RTN) and DARPA completed a successful baseline design review for the Tactical Boost Glide hypersonic weapons program, establishing the company’s technical approach for a critical design review and moving the system a step closer to development and use.

A boost glide weapon uses a rocket to accelerate its payload and achieve hypersonic speeds – velocities greater than Mach 5. During flight, the payload separates from the rocket and glides unpowered to its destination.

“We understand the urgency of the need and are working fast to deliver this advanced technology to our nation’s military,” said Dr. Thomas Bussing, Raytheon Advanced Missile Systems vice president. “The goal is to keep America ahead of emerging threats, and we are well on our way.”

The U.S. military will use hypersonic weapons to engage from longer ranges with shorter response times and with greater effectiveness than current weapon systems.

Earlier this year, Raytheon received a $63 million DARPA contract to further develop the Tactical Boost Glide program, a joint effort between the agency and the U.S. Air Force.

PHOENIX, Arizona — CBRE announced the sale of a 97,504-square-foot office property in Tempe, Arizona’s Arizona State University Research Park that serves as Amkor Technology’s corporate headquarters. Phoenix-based Strategic Office Partners, which is owned by TPG Real Estate Partners, purchased the property from Founder’s Properties, L.L.C. of Minnetonka, Minn.

Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller in the transaction.

“This is a unique and strategic office investment acquisition located in one of the finest business parks within metropolitan Phoenix,” said CBRE’s Gabel. “Our team has been extremely fortunate to represent Founder’s Properties, L.L.C. in the sale of four separate properties over the past 14 months.”

Located at 2045 East Innovation Circle in Tempe, the two-story property was built in 2015 to accommodate Amkor Technology’s growth. As one of the world’s largest providers of outsourced semiconductor packaging, design, and test services, Amkor originally relocated its headquarters to Arizona in 2005. The property is situated within the 320-acre Arizona State University Research Park, a premier technology park along the Loop 101 and Price Road Corridor and features over two million square feet of office space—employing more than 5,000 employees in the high technology sector.

ASU Research Park is less than six miles from five major freeways, with full-diamond access at both Elliot Road and Warner Road off the Loop 101 Freeway. The high technology park is a 30-minute commute for nearly 60 percent of the metro Phoenix population.