PHOENIX — A Nevada-based commercial real estate company has made its first foray into Arizona, buying 113 acres of land near Phoenix-Mesa Gateway Airport.
IndiCap’s $48 million purchase, a joint venture with AECOM-Canyon Partners, will consist of 10 buildings with over 1.6 million square feet of industrial buildings.
The project, called Eastmark Center of Industry, is located within the Elliot Road Technology corridor.
“We are excited to kick off our first project in Phoenix’s burgeoning commercial real estate market,” Jason Kuckler, a principal with IndiCap, said in a press release.
“This location was strategically selected to allow for easy access through multiple freeway entrances and it offers an incredible opportunity to lease and purchase buildings amongst some of the biggest household names.”
The buildings will be between 83,200 square feet to 426,400 square feet.
IndiCap plans to pursue more land in the Valley, targeting projects in Phoenix, Mesa and Gilbert.
“We see Phoenix as an industrial juggernaut in the Western U.S. which could quickly mature into a core market,” Kuckler said.