Martens Breaks Ground on Phoenix-Area Industrial Campus

Article originally posted on Commercial Property Executive on June 28, 2023

Martens Development has broken ground on Mission Park, a two-building, 723,508-square-foot industrial project in Buckeye, Ariz. Ware Malcomb provided architecture services, while Willmeng Construction serves as general contractor and Kimley-Horn as civil engineer. Completion is expected in the second quarter of 2024.

The development represents Martens’ entry in Buckeye, an emerging industrial submarket in the Valley, Principal David Martens mentioned in prepared remarks. The firm’s Greater Phoenix portfolio spans approximately 3 million square feet.

Mission Park is taking shape on 3.4 acres near Interstate 10. The 196,353-square-foot North Building will feature 32-foot clear heights and 45 dock-high doors, while the 527,155-square-foot South Building will have 40-foot clear heights and 82 dock-high doors. The property will include 60-foot speed bays, ESFR fire sprinklers and a total of 828 auto parking spots.

When delivered, Mission Park will cater to small- to large-scale tenants. CBRE Senior Vice Presidents John Werstler and Kevin Cosca, together with Executive Vice President Cooper Fratt, are the project’s appointed leasing brokers.

The development site is some 23 miles west of downtown Phoenix, having direct access to the Loop 303. Phoenix-Goodyear Airport is less than 9 miles southeast.

Phoenix’s industrial market, still leading the nation

At the end of April, The Valley’s industrial market registered a 3.1 percent vacancy rate, 100 basis points lower than the national average of 4.1 percent, according to a recent CommercialEdge report. At the same time, the metro continued to lead the nation in terms of pipeline size relative to total stock, with a whooping 16.3 percent.

One of Phoenix’s ongoing developments has recently moved forward: Kentwood Ventures received $38 million in construction financing for the development of a 314,453-square-foot spec industrial project in Casa Grande, Ariz. The facility is slated for completion in 2024.