EJM Development has begun erecting Commerceplex, a three-building industrial and distribution center at the northeast corner of 75th Avenue and Roosevelt Street. The first of the three buildings is expected to be completed within the next 30 days.
"They build a good product that's usable for the tenant," says Jeff Conrad in the Phoenix office of Lee & Associates, the listing agent on the project.
Commerceplex offers lease space as small as 5,800-sf, with use of docking bay 20 ft in height. The three buildings will be 72,200-sf, 83,500-sf and 103,000-sf in size.
Commerceplex is just south of Interstate 10, the main thoroughfare through the Valley and route to the West Coast. The project also lies just four miles east of the newly opened Loop 101, which provides access to the burgeoning northeast Phoenix area.
A number of lease deals are in the works, but nothing has been finalized, Conrad says. Three other industrial/distribution projects EJM recently completed in the West Valley leased quickly, Conrad says.
EJM Development declined to disclose development costs, but real estate analysts estimate the cost of construction between $7 and $10 million.
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