One of the largest speculative industrial developments ever in Phoenix has secured three national tenants.
Logistics companies DHL Global Forwards, DLS Worldwide and Pilot Freight Services have leased more than 151,100 square feet at the Airport I-10 Business Park.
The 58-acre development is south of Phoenix Sky Harbor International Airport near 24th Street and Interstate 10.
The speculative industrial project is slated for a total of five buildings comprising close to 924,000 square feet.
The first 600,000-square-foot phase is under construction now and and is 35 percent preleased. That includes a previous 63,500-square-foot lease by Anixter International Inc., a cable and electronic wire distributor.
Airport I-10 is being developed by Wentworth Property Co. and Clarion Partners.
“Airport I-10 was designed to give modern industrial tenants a home in the heart of Phoenix’s industrial distribution network. We couldn’t be more pleased with the companies that have committed to space here,” said Wentworth Property Company Principal James R. Wentworth.
The industrial real estate market has outperformed offices in the Phoenix since the end of the recession. The Sky Harbor area — thanks to its access to the busy airport and Interstate 10 — is one of the most popular locations for warehouses, manufacturing and other industrial uses.
In the three new leases, JLL Executive Vice Presidents Pat Harlan and Steve Sayre and Associate Kyle Westfall represented the developers. On the tenant side, Mike Gordon of Cresa represented DLS. John Werstler, Jerry McCormick and Cooper Fratt of CBRE represented Pilot. Jim Wilson of Cushman & Wakefield represented DHL.
“Modern companies want modern buildings. This is making all types of users more sophisticated about what they look for in an industrial location,” said Harlan. “They are requiring the kind of improved function that you get from features like higher clear heights, better overall building layout and better truck maneuverability.
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