Developers GID and SunCap Property Group recently broke ground on the next major stage of development at Gilbert Spectrum: three brand new, fully speculative, Class A industrial buildings.
“The Phoenix industrial market has been on a growth streak since before the start of the pandemic,” says Rusty Martin, operations manager of the Southwest Division at Graycor Construction Company, the design-build general contractor. “That curve has become even steeper in the months that have followed, driven by record e-commerce demand. Our local market is expected to continue to outperform on just about every level, including new construction and leasing.” Citing Lee and Associates of Arizona, whose Ken McQueen and Chris McClurg are the project’s leasing brokers, Martin says that Q3 2021 absorption hit almost 16 million square feet, which is nearly double the 10-year average, with continued growth expected in the years ahead.
At build-out, Gilbert Spectrum will include up to 850,000 square feet of office, flex industrial and technology-related space. The three new speculative industrial buildings will range in size from 66,446 to 142,200 square feet and will be able to support tenants needing as much as its full 309,547 square feet, or as little as 20,000 square feet with the possibility to expand as they grow.
“Gilbert Spectrum is a great infill development that offers a variety of functional attributes for traditional industrial users,” says McQueen. “With multiple points of ingress and egress, and centered between three freeways, the park offers an attractive corporate setting with proximity to skilled labor.”
“Gilbert Spectrum’s combination of quality and scalability will keep it highly relevant in an industrial market that continues to rapidly expand and evolve,” says Mike Orr, senior vice president with SunCap Property Group. “These new buildings continue our strategy to deliver smart, flexible space that can serve large-scale global users as easily as it serves modern, mid-size tenants.”
Noting that that Metro Phoenix industrial demand is running the gamut of size requirements, Martin says, “Projects designed with the flexibility to accommodate these different sizes are poised for the greatest success.”
Photo courtesy of Graycor Construction Company
