Venture Partners Set Out 260,000-SF Build Plan

The Tolleson project, planned for Washington Street and 83rd Avenue, will consist of two warehouse/distribution centers, measuring 70,000 sf and 90,000 sf. The project is part of Tolleson Business Park, a development totaling 32 acres. Sieroty Co. of Los Angeles is planning 400,000 sf of industrial product on the remaining acreage, but does not have a specific groundbreaking date.

"We jumped on the 10 acres to get ahead of the curve out there to meet the demand," says Brett Tremaine, principal with Venture Partners. He tells GlobeSt.com that Venture Partners is seeking potential tenants, but would not be averse to selling the project for the right amount of money. The selling price of the buildings, upon completion, could be $88 per sf to $89 per sf while leased space is being quoted at 43 cents per sf to 44 cents per sf, triple net.

Farther east, Venture Partners is going through the permitting process for six acres at Watkins Street and 51st Avenue for two buildings, one 70,000 sf and the other 30,000 sf. Construction costs are still being calculated for the project.

Tremaine says he anticipates both projects will come on line in early 2009. Even with the two developments to work, Tremaine says Venture Partners is looking for more land in Greater Phoenix. "Traditionally, we've liked the west side, though we have interest in the airport and Tempe areas as well," he says. "The basic fundamentals of the Phoenix market are making this a good place for us to perform."

Ware Malcomb of Irvine, CA is the architect for the Tolleson project and Lee & Associates has the marketing assignment. Winton Architects Inc. of Phoenix designed the Phoenix project; Colliers International is marketing it. General contractors have not been selected for either project.