Echo Real Estate Capital, Inc. recently acquired a fully entitled ±11.65-acre industrial development site at 132nd Avenue and Peoria Avenue in Surprise, Arizona, where it plans to build “Echo Park @ P132,” four new single-tenant industrial buildings totaling 182,610 square feet. Echo purchased the land for approximately $7.1 million in Phoenix’s expanding West Valley. The general contractor for the project is Premier Design + Build.
“Phoenix’s West Valley has captured significant interest from industrial users who want to be located near the Loop 303. It also serves as a secondary location for Southwest Phoenix / North Phoenix and Deer Valley industrial users,” says Senior Director Kirk Kuller, part of the Cushman & Wakefield team that arranged the sale.
Cushman & Wakefield’s Mike Haenel, Andy Markham and Foster Bundy will provide market leasing advisory for the new buildings.
According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 million square feet of occupancy growth through the first half of 2023.
