IndiCap, a commercial real estate firm specializing in industrial investment and development throughout the Southwest U.S., and VAC Development, a real estate investment and operating company, have officially announced the groundbreaking of Bethany Bay, a new Class A shallow bay industrial project in Glendale, Arizona.
Located at 16830 and 16840 W Bethany Home Road along the high-demand Loop 303 corridor, the $31 million development marks a first-of-its-kind entry into the shallow bay market in the West Valley – a product type rarely seen in this region and even more rarely funded by third-party capital.
Spanning approximately 136,800 square feet across two buildings, Bethany Bay is designed to accommodate multiple industrial users in flexible, move-in-ready spaces.
Suite sizes range from 4,500 to 18,000 square feet, with each building accommodating four to six users. Building 2 will be delivered with fully built-out spec office suites ranging from 800 to 1,100 square feet – each of which is connected to warehouse space and equipped with HVAC, lighting, and restrooms for near-immediate occupancy.
“Bethany Bay stands out in every way. From its frontage on the 303 to its power capacity and modern design,” said Mike Chernine, chief executive officer at IndiCap. “It’s virtually unheard of to see shallow bay industrial move forward with this level of third-party support. This project fills a major gap in the Southwest market, and we’re proud to bring it to life.”
Bethany Bay’s uniqueness is further underscored by its 303 Freeway frontage, providing premium visibility and access. It also boasts enhanced infrastructure for heavy power users, as well as flexible layouts to support a range of industrial tenants from distribution and light manufacturing to specialized users.
Despite ongoing demand from small to mid-sized industrial users, most new development in the region has focused on larger, big-box logistics projects, leaving a gap in supply for flexible, power-equipped spaces under 20,000 square feet.
“In today’s capital market environment, securing funding for industrial development is incredibly difficult, especially for speculative projects,” said Andrew Dunn, principal at VAC Development. “Bethany Bay represents a true outlier, not just in terms of getting funded, but in the way it delivers flexible, move-in ready space that meets a growing demand in the West Phoenix Valley industrial market. This small bay industrial development is the first of many in our partnership with Indicap.”
The project was brokered by Mike Schwab of Land Advisors, representing IndiCap.
“Bethany Bay is the first new small bay industrial product to enter the West Valley market, and it couldn’t come at a better time,” said Keri Scott, executive vice president at Colliers International. “There is significant demand from small to mid-sized users who have been largely overlooked by recent development trends that favor large-scale logistics. This project fills a major void in the market, offering modern, flexible, power-equipped space that’s ready for immediate occupancy. It’s a game-changer for this tenant segment.”
Construction of Bethany Bay will break ground in October 2025 and is expected to be completed in approximately 10 months, with delivery in August 2026.
