(To read more on the industrial market, click here.)

TOLLESON, AZ-Dirt work has begun on the 1.1-million-sf, four-building McShane Westside Business Park. The 66-acre industrial park, coming in at an all-in cost of $66 million, has a completion date of late 2007.

Chicago-based McShane Cos., with equity from New York City-based MetLife Inc., will begin pouring foundations for the buildings in March. The project site fronts Buckeye Road near 83rd Avenue, positioned close to Interstate 10 and Loop 101 in the metro’s western corridor.

The decision to get the project up and finished quickly is due to the high demand for industrial space. “We’ve gotten down to about a 6% vacancy factor in the area,” McShane’s vice president Alan Gillespie tells GlobeSt.com. “If you look at larger blocks of space, some product is under construction, but for the most part, larger users looking in our marketplace had no real options.”

Gillespie says the buildings will open up blocks of 25,000 sf to 535,000 sf of contiguous space to the market. The asking rates range from 35 cents per sf to 45 cents per sf, triple net.

The park’s northern boundary is flanked by a Costco distribution warehouse. Other industrial product is in the area as well.

Gillespie also says the vast majority of the park is bulk industrial, with some distribution. He says the 164,210-sf Building 1 is a rear-load with “a higher office component and possibly quasi-retail use,” he adds. Two buildings, each 203,372 sf, and a 535,213-sf structure round out the development plan. Allen Lowe and Matt Hobaica with Phoenix-based Lee & Associates Arizona are preleasing the project.

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