Greystar Real Estate Partners recently broke ground on Caliber by Greystar. The three-building, Class A industrial park is the first element to break ground at Greystar’s Peoria Place, a $500-million mixed-use master plan designed to revitalize a central historic downtown infill land site in Peoria, Arizona.
Caliber is located along the US 60, at the southwest corner of 79th and Grand avenues. It is part of the 88-acre Peoria Place, which is slated to include luxury apartments, build-to-rent single family homes, residential over retail, 20 acres of open space and the Caliber light industrial park.
“Peoria Place is a unique opportunity to activate Peoria’s downtown with high-quality residential and employment options,” says Greystar Managing Director Billy Cundiff, who sees businesses benefitting from the area’s educated workforce and high population growth.
At build-out, Caliber will total 411,918 square feet of Class A product broken down as a 114,446-square-foot Building A, 122,863-square-foot Building B and 174,609-square-foot Building C, with Buildings A and B offering divisibility to serve a diversity of uses and tenant sizes. Each building is also being built with a move-in-ready office build-out of up to 2,000 square feet.
JLL Executive Managing Director Tony Lydon, Managing Director John Lydon, Vice President Hagen Hyatt and Associate Kelly Royle are the project’s exclusive leasing brokers. The general contractor is Layton Construction. The project architect is Deutsch Architecture Group.
“Caliber is an exciting start to Greystar’s vision for Peoria Place, creating close-to-home employment opportunities and offering valuable advantages for logistics users such as direct access to U.S. 60, a community of nearby warehouse and logistics companies, and move-in-ready office buildouts,” said Lydon.
Completion of Caliber is slated for Q2 2024. Greystar’s first residential projects at Peoria Place are expected to break ground this summer, with additional development to follow.
Did You Know: The West Valley is home to 1.7 million residents, and in the last 10–12 years its buying power, education levels, workforce availability and jobs have continued to increase, according to WESTMARC (the Western Maricopa Coalition).
Photo courtesy of JLL
