(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.