News release

JV partnership formed for large-scale industrial development near Phoenix

JLL Capital Markets arranged the partnership between IndiCap and AECOM-Canyon Partners for the 10-building Class A project in Mesa, Arizona

May 04, 2022

Kimberly Steele

Occupier PR
+1 713 852 3420

PHOENIX, May 4, 2022 – JLL Capital Markets announced today that it has arranged a joint venture equity partnership for the development of a two-phase, Class A distribution and warehouse project totaling 10 buildings and 1.6 million square feet of mid-bay and cross-dock industrial buildings in the Phoenix-area community of Mesa, Arizona.

JLL worked on behalf of IndiCap to arrange the joint venture equity partnership with AECOM-Canyon Partners.

The project development started this year with the acquisition of 113 acres of land at Elliott and Ellsworth in the highly sought-after Eastmark master-planned community. This central location within the Mesa Gateway Industrial submarket provides a critical logistics advantage to industrial users due to its easy connectivity across the Phoenix MSA and to major Western cities such as Denver, Salt Lake City, San Diego, Los Angeles, Las Vegas and San Francisco, in addition to providing an entry point east into El Paso, Dallas and Houston and into Mexico. The site is also less than three miles from the Phoenix-Mesa Gateway Airport and only 20 minutes to rail access and the Phoenix Sky Harbor International Airport.

The project is being constructed in two phases, with an anticipated completion date in the fourth quarter of 2023 for Phase I, which will comprise 977,600 square feet across five buildings. Phase II will involve five additional buildings totaling 663,520 square feet and is estimated to be completed in the fourth quarter of 2024. The buildings will offer tenants clear heights ranging from 28 to 36 feet and feature a host of features modern users seek.

The JLL Capital Markets team representing the borrower was led by Senior Director Carl Beardsley and Analyst Zane Coffman. Senior Managing Directors Pat Harlan and Steve Larsen and Jason Moore with JLL’s Brokerage Services represented IndiCap in its site selection and land acquisition.

“JLL is pleased to help facilitate this partnership of best-in-class development expertise and is excited to see the venture grow,” Beardsley said. “The subject property is well positioned between Fortune 50 companies and remains in extremely strong demand for corporate and advanced manufacturing users.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About IndiCap

IndiCap Inc. is a privately held industrial development company. Indicap works to create synergistic investment opportunities bringing together all the needed elements for each project, including land acquisition, financing, engineering, design and contracting. The company has become known for its ability to find market opportunities and assets in an early stage and bring them from concept, through development, to disposition. Indicap is an investor and owner of commercial real estate. It primarily invests capital alongside its institutional and private equity partners to develop industrial projects and will also serve as a fee developer for clients and owner-occupiers.

Company founding principals Mike Chernine and Jason Kuckler are experienced industry leaders with long tenures at Panattoni Development, LandBaron Pension Investments, and Brass Cap Development.  The founders have collectively developed over 10M+ square feet of commercial real estate throughout the industrial, office, retail spaces including, Nevada Industrial Center, Executive Airport Crossing, Sprint Building, Cheyenne Industrial Center, Southwest Premiere and many more. The IndiCap principals collectively have almost 60 years of combined experience in overseeing design, construction, funding and development of commercial and large scale residential real estate projects. We are continuing to enhance our Company with top shelf industry specialists. Indicap is based in Las Vegas, Nevada, and focuses on real estate opportunities in markets including Arizona, Colorado, Nevada, Texas and Utah.

About AECOM-Canyon Partners

AECOM-Canyon Partners is a joint venture between AECOM Capital, the real estate investment management arm of global infrastructure firm AECOM, and Canyon Partners, LLC, a global alternative asset management firm with over $27 billion in assets under management. AECOM-Canyon Partners was established to develop large-scale, institutional quality commercial real estate projects in top U.S. markets. In addition to capital, AECOM-Canyon Partners provides best-in-class design, construction management and engineering expertise as well as credit support for its development partners. For more information, visit aecomcanyon.com.