Texas investor, Arizona developer partner on new West Valley spec industrial facilitySeptember 18, 2023
A couple of investors have been eyeing the Phoenix market as its population continues to explode. Now, they’re building their first industrial facility together in Arizona.
The presence of employers like Amazon has caught the attention of a group of investors that want to be part of the industrial boom in metro Phoenix.
Dallas-based Velocis has partnered up with Sumitomo Corp. of Americas and Seattle-based KBC Advisors to develop a 245,000-square-foot speculative industrial facility called the Summit at Surprise, just south of an existing Amazon facility. It will be the three firms’ fifth project together.
Velocis took over a 12-acre site in a $6.7 million land sale from investment firm Nuveen Real Estate, which had initially planned to develop the property after acquiring it last year but backed out amid tumultuous capital market conditions.