Dermody Properties to develop 10M SF industrial park in El Mirage
Dermody Properties, a national private real estate investment, development and management company focused exclusively on the logistics real estate industry, has announced the acquisition of 961 acres of land in El Mirage, Arizona, a suburb of Phoenix, which will become Copperwing Logistics Center, one of the largest industrial parks in Arizona history.
Initial development is expected to begin in 2022. Dermody Properties will develop approximately 10 million square feet of speculative space over the next 10 years and develop approximately 300 acres for other owner / third party users and custom built clients.
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“The Phoenix metro area is one of the fastest growing regions in the country and is experiencing unprecedented industrial growth with over 20 million square feet of development per year, which matches parts of Inland. Empire in Southern California, ”Pat said. Gallagher, Southwest Region Partner at Dermody Properties. “With the acquisition of land on this scale, Dermody Properties intends to create a premier industrial park unlike any other similar development in Arizona. We appreciate that Novo Development brings us this unique opportunity.
Novo Development, which has been involved in the project since its creation, will continue to support this new company.
The land was purchased from the John F. Long Family Trust, known to have developed more than 30,000 homes over four decades, including Arizona’s first planned community, before focusing their efforts on retail and commercial projects. in the West Valley market in Arizona.
“Our family has owned this property for several years,” said Jacob Long. “Our goal has always been to create a world-class industrial and employment complex, while providing land use support to protect Luke Air Base operations. This is a goal that we have shared with the City of El Mirage for many years. We are confident that Dermody Properties shares this vision and will pursue it. “
Located with immediate access to the new Northern Parkway, the park is approximately 3.5 miles from Loop 101 and Loop 303. The industrial park is expected to attract large distribution users and companies with manufacturing operations due to the region’s strong labor base and easy access to Phoenix and most western markets. Additionally, the region is a popular location for data center users as the region has an attractive power grid, low catastrophic risk, and abundant fiber networks.
Industrial zoning was already in place for the land. In addition, the property is in an approved Foreign Trade Zone (FTZ), which means that companies in the park that are active users of the free zone can benefit from a reduction of up to 75% on taxes. land and personal. Dermody Properties also intends to bring new water and sewage sources to the site as well as new roads and park equipment.
“This development will have a significant impact on the Phoenix market, including an influx of jobs and economic benefits,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “For Dermody Properties, this investment is consistent with our strategy of finding projects dedicated to meeting the needs of the distribution network of new and existing customers.
Pat Feeney, Rusty Kennedy and Dan Calihan of CBRE are the industrial park leasing brokers.