Foundation capital partners, baker development break ground on tariff-friendly industrial project
JLL selected as exclusive leasing brokers for VB/143 in Goodyear, Arizona
PHOENIX, August 29, 2019 – New York-based Foundation Capital Partners (FCP) and Chicago-based Baker Development Corporation (BDC) have broken ground on a two-building, Class A industrial project called VB/143. Located in the heart of Goodyear, Arizona, the project sits within a foreign trade zone magnet site, allowing for reduced real and personal property taxes and reduced or eliminated duty, tariff and U.S. customs reporting costs.
The joint venture has named JLL Managing Directors Anthony Lydon and Marc Hertzberg, and Vice President Riley Gilbert, as the project’s exclusive leasing brokers.
“We are excited to have picked the Southwest Valley and Goodyear, in particular, as our foray into the greater Phoenix industrial market,” said Daniel J. Slack, Principal with BDC. “The business-friendly environment propagated by the City of Goodyear and the Greater Phoenix Economic Council, coupled with a continued market momentum characterized by a flight to quality from companies fleeing neighboring states, was hard to ignore.”
“The delivery of VB/143 comes at a time when many companies are reevaluating their business plans to accommodate for unforeseen trade policy shifts,” said Lydon. “In this environment, VB/143 provides a modern, interstate-oriented supply chain solution with the protection of a Foreign Trade Zone, which can be a critical benefit for operations that are vulnerable to economic events such as rising regulations or tariffs.”
Located on the southeast and southwest corners of 143rd Avenue at Van Buren Street, VB/143 includes a 213,000-square-foot cross-dock building and a 112,000-square-foot rear loading building.
The project offers divisibility down to 30,000 square feet and includes all of the modern industrial amenities such as 36’ clear height, secured concrete truck courts, insulated dock doors, energy efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces.
VB/143 sits within Goodyear Gateway South, a Class A masterplanned industrial park, less than one mile to a full interchange at I-10 and Bullard Avenue, just north of Phoenix Goodyear Airport.
The general contractor for VB/143 is Layton Construction Company. Butler Design Group is the architect. The project is scheduled for completion by fourth quarter 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Baker Development Corporation
Baker Development Corporation is an experienced, well capitalized, privately owned real estate development company based in Chicago that has built a reputation for getting politically sensitive deals approved and complicated development projects constructed. Since its formation in 1985, BDC and its partners have been involved in the acquisition, development and construction of virtually every class of real estate, including high-rise residential, big-box retail, office, hotel, multi-family (rental and for-sale), mixed-use, loft conversions, townhomes, retail, adaptive reuse properties, fractured condominiums and brownfield redevelopment projects. For more information, visit www.bakerdevelopmentcorp.com.
About Foundation Capital Partners
Foundation Capital Partners is a private real estate investment firm with a focus on logistics opportunities across the United States. The firm has extensive experience investing across asset classes and the capital structure in public and private credit and equity markets. To learn more about the firm please visit http://www.foundationcapital.us.