The partnership has acquired a 17.79-acre site in North Mesa with plans to build 264,500 square feet and a total of 14.20-acres in Peoria with plans to build 221,700 square feet.
Phoenix, AZ – Nicola Wealth Real Estate (NWRE) has partnered with Hopewell Development (Hopewell) to acquire a 17.79-acre industrial development site in the north Mesa submarket adjacent to Falcon Field Airport and a total of 14.20 acres in Peoria off the 101 Corridor. The two projects total 32 acres with the ability to develop up to 486,200 square feet spread over six buildings. These development projects are a further expansion of NWRE’s build to hold industrial development strategy and partnership with Hopewell.
The North Mesa project is located immediately south of North Loop 202, which provides efficient access to Downtown Phoenix and Sky Harbor Airport to the west and Mesa Gateway Airport to the south. The niche North Mesa location will deliver much-needed modern multi-tenant industrial product for small to mid-bay users. Mike Parker of CBRE brokered the off-market transaction and will be leasing the 264,500 square feet three-building project, which has been branded Falcon202 Commerce Park. Hopewell is currently securing entitlements, with construction anticipated to commence by early 2023.
In Peoria, the partnership has acquired the remaining two infill sites in Empire Business Park adjacent to Loop 101. The project consists of three buildings totaling 221,700 square feet. The 101 Corridor submarket is a highly sought-after location with excellent connectivity to the Phoenix MSA through immediate access to Loop 101 and US Route 60. Brian Gleason and Bonnie Haley of Colliers International brokered the transaction and will be handling the leasing. The three class A buildings ranging in size from 65,000 – 93,000 square feet are under construction and are capable of accommodating single users or multiple tenant demising plans.
“We continue to see strong leasing demand and rental growth within our existing Phoenix portfolio, reinforcing the need to deliver modern small to mid-bay multi-tenant industrial to these submarkets,” states Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate.
Justin LeMaster, VP of US Industrial at Hopewell, adds, “We are thrilled to be working on these two new projects with Nicola Wealth. Both of these infill projects are located in areas with extremely high barriers to entry. Tenants have very few options for spaces of this size range if any. We look forward to delivering these projects to the market and continuing our long-standing relationship with Nicola Wealth.”
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas-Fort Worth, San Francisco, Minneapolis and Seattle with a focus on acquiring income-producing properties and executing build-to-own development and value-add strategies.
To learn more about the Nicola Wealth Real Estate funds, visit nicolawealth.com.