Southern California Developers Plan Industrial Park Outside Phoenix

Article originally posted on CoStar on December 6, 2021

Joint Venture Predicts ‘Explosive Growth’ Over Next Decade in West Valley

Buckeye, Arizona. (WikiMedia)

A joint venture of two real estate developers based in Orange County, California, has acquired a 54-acre parcel in Buckeye, Arizona, where it plans to build a logistics park.

Irvine, California-based Shopoff Realty Investments and Contour Real Estate, a privately held real estate investment and development firm based in Costa Mesa, California, plan to build two warehouses totaling 900,000 square feet on the site at the southeast corner of Southern Avenue and Rainbow Road

A joint venture bought 54 acres in Buckeye, Arizona, where it plans to build warehouses. (CoStar)

The venture paid just over $6.5 million for the land, according to CoStar data. The developers did not provide a construction schedule for the proposed project.

In a statement, Shopoff CEO William Shopoff said Phoenix’s West Valley is a key spot for industrial development less than a day’s truck drive from the West Coast’s largest ports, in Los Angeles and Long Beach. The land is also next to the Union Pacific rail line.

“With an influx of e-commerce and logistics firms moving into this area in recent years, the demand for industrial space continues to grow, and we believe we are well positioned for a successful development,” Shopoff said.

The area will experience explosive growth over the next decade as “more and more development continues,” added Contour CEO David Daneshforooz.