ViaWest, Barings Land $107M for Phoenix Industrial Project

Article originally posted on Commercial Property Executive on November 6, 2025

This is the largest speculative construction loan in Arizona this year.

ViaWest Group and Barings have obtained $107 million in construction financing for ReDiscover Logistics Park, an 808,448-square-foot industrial development in Phoenix.

This is the largest speculative construction loan in Arizona this year, according to JLL Capital Markets, which worked on behalf of the developers to secure the financing through a life insurance company.

The joint venture acquired the development site in October, a 43.5-acre property that currently contains a former call center building. The original structure will be demolished and replaced with four buildings ranging from 189,280 to 212,000 square feet that will feature 32- to 36-foot clear heights. The project is slated for completion in February 2027.

The speculative development will provide flexible space configurations for tenants, along with a shared truck court of 200 feet, an FM Global-compliant sprinkler system and 980 parking spaces.

ViaWest Managing Director Alex Boles told Commercial Property Executive the industrial park would also be LEED-certified and include reinforced concrete slabs and castellated steel decking, features that will give the asset a broad appeal to prospective tenants.

“We remain highly confident in the strength of the Phoenix industrial market, particularly for projects that meet every key criterion for success,” Boles said.

Taking shape at 2402 W. Beardsley Road in the Deer Valley submarket, the development has access to the Loop 101 and Interstate 17 interchange, with Deer Valley Airport within 3 miles. Downtown Phoenix is 18 miles south, while Phoenix Sky Harbor International Airport is some 22 miles away.

The location is also less than 10 miles from the $65 billion TSMC Phoenix manufacturing facility, which is driving a local need for suppliers and distributors.

The JLL Capital Markets team included President Kevin MacKenzie, Senior Director Jason Carlos and Analyst Lilley Kroll.

Phoenix’s active development pipeline

Some 16 million square feet of industrial space were under construction in Phoenix as of September, according to a recent Yardi Matrix report. The amount represents 3.6 percent of stock, placing The Valley on the second position nationwide after Memphis (4.1 percent of stock).

Meanwhile, the metro’s vacancy rate was 8.2 percent, 130 basis points lower than the national average of 9.5 percent. Average asking rents increased to $9.72 per square foot, up 6 percent over the year.

In October, Trammell Crow started construction on a 1 million-square-foot industrial park called West 101 Logistics Center. The five-building project is slated for delivery by summer 2026.