Centris Industrial to Deliver More Than 400,000 sf of Industrial and Logistics Space to Phoenix Submarket
JUNE 29, 2022
Centris Industrial, Inc. (“Centris”), an externally managed private real estate investment trust (REIT), today announced the closing of its acquisition of more than 23 acres of land upon which the REIT plans to develop over 400,000 square feet of industrial and logistics space to serve the growing East Mesa, Arizona, submarket. The development is anticipated to deliver in the first half of 2024.
“The acquisition of the Mesa site underscores the swift success of the Centris platform and the continued expansion of the REIT’s portfolio across key US industrial and logistics markets,” said Michael Podboy, chief executive officer of Centris. “The Phoenix market saw strong positive net absorption and record high pre-leasing in 2021 and has become a top three US market for rent growth. We couldn’t be more pleased to add the Mesa site to our growing Centris portfolio while strengthening our partnership with Cushman & Wakefield,” said Joe Trinkle, chief operating officer and Southwest market officer for Centris.
The Class A industrial and logistics development will be situation on a two-parcel site strategically located at the corner of 80th Street and Pecos Road, providing strong visibility and access to the neighboring Phoenix Mesa Gateway Airport, Loop 202 and Interstate 10. The complex will consist of two freestanding buildings totaling 101,400 sf and 310,800 sf building. The state-of-the-art facility will feature 32-36-foot clear heights, up to 185-foot truck courts and 93 dock doors. Groundbreaking is planned for December 2022. Cushman & Wakefield’s Phil Haenel, Mike Haenel, Andy Markham and Brandon Borsheim represented Centris in the land acquisition and will manage all leasing efforts for the new facilities.
“The Phoenix Metro Area saw phenomenal occupier growth in 2020 and 2021 that has carried into 2022 according to Cushman & Wakefield research,” said Phil Haenel, executive director at Cushman & Wakefield. “The robust levels of demand, which have come from out-of-state and in-state companies, have fueled the need for greater industrial supply, particularly for well-located Class A product.”
Centris operates alongside CA Industrial, the dedicated industrial and logistics arm of CA Ventures. Since inception, CA Industrial has closed transactions totaling approximately $1.2 billion of project costs and has more than 10.3 million square feet of industrial space currently under development in key US markets including Phoenix, Houston, Richmond, Dallas, Orlando, Atlanta, Savannah, Columbus, Indianapolis and Las Vegas.