JLL team to lease the largest-ever Phoenix industrial spec building
GOODYEAR, ARIZONA, February 25, 2020 – Phoenix-based Tratt Properties LLC has broken ground on a 1.3 million-square-foot, Class A industrial development sitting just south of the junction of Interstate 10 and the Loop 303, in a designated Opportunity Zone in Goodyear, Arizona. Called Elwood Logistics Center, it is the largest speculative industrial building ever to break ground in the Valley.
Tratt Properties has named JLL as the project’s exclusive leasing broker.
“We are thrilled to have many great developers, such as Tratt Properties, believe in the success and vision of our rapidly growing community,” said Goodyear Mayor Georgia Lord. “Goodyear’s access to market makes this an ideal area for a state-of-the-art speculative building and provides a perfect location for any growing, expanding, or relocating business. Plus, our residents also benefit by creating additional jobs for our community – keeping workers close to home and family; and expanded retail and restaurant options by increasing the city’s daytime population.”
“Elwood Logistics Center brings together the best of a modern, institutional-grade logistics park in one of the fastest growing industrial and e-commerce submarkets in the nation,” said Tratt Properties Principal Jonathan Tratt. “We appreciate the support we’ve received from the City of Goodyear to help bring this project to fruition and are thrilled to celebrate our groundbreaking today.”
Located on 83 acres at Sarival Avenue and Elwood Street, Elwood Logistics Center at build-out will total 1,310,258 square feet, with amenities purposefully designed to meet the needs of major logistics, manufacturing, food and beverage, and e-commerce users.
This includes a 40’ clear height, cross-dock building with a 190-foot gated and secure concrete truck court and 235 dock-high loading positions. The site provides parking for more than 1,400 cars and 327 trailers.
Elwood Logistics Center is accessed from the I-10/Cotton Lane interchange and sits within both a pending Foreign Trade Zone, which would provide duty advantages and up to 72 percent reduction in real and personal property tax, and an Opportunity Zone, offering tax advantages for operators who invest in areas targeted for economic or employment stimulation.
“The combination of Foreign Trade Zone capability and Opportunity Zone status make Elwood Logistics Center an extremely advantageous site option,” said JLL Managing Director Anthony Lydon, who serves as the project’s exclusive leasing broker along with JLL Managing Director Marc Hertzberg and Vice President Riley Gilbert. “Add to that Goodyear’s position as the sixth fastest growing city in the U.S. and the nation’s second-highest-ranked workforce market with almost 1.5 million people within a 30-minute drive, and you have a very precise mix of geography and labor that is critical for a huge range of national and global operations. That mix is a reflection of the expertise that Tratt Properties brings to this process.”
Headquartered in Phoenix, Tratt Properties specializes in the acquisition and development of Class A e-commerce and logistics properties in key markets throughout the U.S., with a focus on delivering modern, flexible and scalable global supply chain real estate solutions.
Construction on Elwood Logistics Center is now underway and scheduled to complete in December 2020. The project general contractor is The Renaissance Companies. The project architect is Deutsch Architecture Group.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
In Phoenix, JLL is a market leader employing more than 590 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2018, the Phoenix team completed 75.3 million square feet in lease and sale transactions valued at $2.2 billion, directed $120 million in project management and currently manages a 32.4 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com.