AECOM-Canyon Partners JV Buys Land for 1.6 MSF Industrial Park
August 23, 2022
IndiCap and AECOM-Canyon Partners recently teamed up on the acquisition of 113 acres of land in Mesa, Ariz., for the development of Eastmark Center of Industry, a 1.6 million-square-foot industrial development. The joint venture partners paid $48 million for the two parcels of land, located in the Eastmark master-planned community.
For IndiCap, Eastmark marks the year-old boutique industrial real estate company’s entrée into the metropolitan Phoenix market. AECOM-Canyon Partners, a partnership between AECOM Capital and Canyon Partners Real Estate, brings equity capital to the joint venture project, along with a proficiency in development. Together, IndiCap and AECOM-Canyon will transform the newly acquired land into a Class A industrial destination. The hardest part may very well be behind the joint venture, as securing land in the area is no simple feat.
“Developable land sites in Mesa are either developer controlled or not for sale,” Jason Moore, senior vice president with JLL, told Commercial Property Executive. Moore, along with JLL colleagues Pat Harlan and Steve Larsen, represented IndiCap in the site selection and land acquisition process. “We started the process with IndiCap almost a year ago,” Moore continued. “Their market timing along with patience to acquire the right site has set this project up for huge success.”
Located near Santan Loop 202 and Elliott Road within the Elliott Road Technology corridor, the Eastmark site allows for easy access to multiple thoroughfare entrances and sits within close proximity to Apple’s $2 billion global command center, Facebook’s $800 million data center project and Phoenix-Mesa Gateway Airport.