Ron Davis – Reporter , Phoenix Business Journal Dec 1, 2022
A conceptual rendering of the SkyBridge Arizona industrial park. Developers expect to start work on the project in January 2023.
The permits are ready to be pulled for a new industrial project near Phoenix-Mesa Gateway Airport.SkyBridge Arizona, a master developer of more than 350 acres around the airport, expects to break ground on a pair of 250,000-square-foot speculative buildings in January. "We're building them spec based on our market intel that the demand is still there and we don't see it tampering off much," said Will Moseley, general manager at SkyBridge Arizona. "It's in a good location in our master plan for a future distribution center for air cargo although it would function just fine as a standalone industrial facility. We did design them so they could be connected or joined into a single building should a user come to the plate."The two buildings, which will break ground within weeks of one another, will be located at 7733 and 7835 E. Velocity Way in Mesa. Moseley said the construction cost is estimated to be $26 million per building for a total of $52 million for the 500,000 square-foot build.Moseley said SkyBridge Arizona is targeting the first quarter of 2024 for the completion of the buildings.Skybridge Arizona's industrial park will be built by Phoenix-based Graycor Construction Co. while Tempe-based ADM Group Inc. is the architect. In addition to the planned industrial park, Moseley said the infrastructure work is well on its way for a four-story, 129-room hotel across two different brands under the Wyndham Hotels & Resorts Inc. umbrella. The Wingate-Hawthorn is being built south of the airport on 4.5 acres within the 6600 block of S. Sossaman Road.Mesa now a hot industrial marketSkyBridge includes 360 acres near the Phoenix-Mesa Gateway Airport and will allow cargo inspections by both countries to be done in one place to expedite the transport of goods between the U.S. and Mexico. At buildout, SkyBridge will include about 30 buildings totaling about 4 million square feet, according to previous Phoenix Business Journal reporting.Southeast Mesa is one of the hottest industrial markets in the country, with investors spending hundreds of millions of dollars buying land to start new projects in the area. Last month, Las Vegas developer IndiCap broke ground on the first phase of the Eastmark Center of Industry. The first phase spans 977,600 square feet across five buildings near Elliot Road and Everton Terrace in southeast Mesa.In the third quarter alone, the Phoenix metro had about 35.2 million square feet of industrial space under construction after 7.3million square feet were delivered, according to a report from CBRE Group Inc. Demonstrating the strong demand for space, Cushman & Wakefield found the Valley has seen 17.7 million square feet absorbed, meaning the space leased minus what became vacant, through the third quarter in 2022.The demand for space and ongoing material and labor shortages have also driven up building costs locally. Price per square foot increased by nearly 10% from the second quarter and 34% year over year. The median price per square foot year to date is $186, according to a market report from Colliers International.
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