Closing an extraordinarily productive year, New York-based Wharton Industrial today announced the acquisition of a 101-acre parcel of land in Mesa, Arizona.
The company plans to invest more than $ 200 million in the site to develop an 11-building, 1.5 million square foot Class A industrial park, which will be known as “The Hub @ 202”. The buildings will vary in size from 65,000 square feet to 270,000 square feet and will have clear heights of 28 to 32 feet; 73 parking spaces for trailers; 60 foot speed bays; and 1,429 parking spaces.
Funding for the project was provided by MSD Capital, LP, Michael Dell’s family office. Construction is expected to begin in the second quarter of 2022.
“Wharton firmly believes in the growth of the industrial market in the Intermountain West region as more and more businesses and individuals move for a more welcoming business climate and a better quality of life. Markets like Mesa are now part of the “digital desert” flocking to forward-thinking companies such as electric vehicle manufacturers, social media companies, aerospace and chipmakers, and more. Said Peter C. Lewis, President of Wharton Industrial. “The investment strategy in this region is emblematic of our 35-year corporate philosophy of focusing on emerging markets poised for significant growth,” adds Lewis.
The site is one of the last remaining large contiguous parcels in the region and is centrally located in the highly sought-after Southeast Valley submarket of Metro Phoenix – one of the fastest growing industrial markets. fastest growing country and poised to dominate the country in terms of industrial rental growth over the next five years. The region has an extraordinary collection of “new age” companies such as Google, Facebook, Microsoft, Apple, Lucid, Taiwan semiconductor and Apple attracted by the region’s talent pool, the low cost of life, favorable business climate and the ability to serve the main countries of the West. Coastal population centers.
Wharton Industrial’s other past holdings and developments include SoPhi Logistics Center, a 280,000 square foot former railcar facility in Philadelphia that Wharton turned into a first-class last mile delivery facility and was subsequently leased to Amazon in its entirety.
Other recent development projects include a 988,000 square foot warehouse in Atlanta (leased to Philips Van Heusen); a 510,000 square foot industrial facility in Lakeland, Florida; a 617,000 square foot warehouse in Ocala, Florida (leased from Amazon); and a two-building 600,000 square foot industrial development in Greenville, South Carolina. All of these assets have had very successful exits.
(Visited 1 time, 7 visits today)