Park Algodon combines 1.3M square feet of industrial space with adjacent retail and restaurants
On the heels of being named among the fastest-growing companies in America by Inc. Magazine, Phoenix-based Creation has no plans of slowing down as it acquires nearly 100 acres in Phoenix today with joint venture partner Clarion Partners for the development of a $250 million industrial and mixed-use project, Park Algodon.
Located on the northwest corner of the Loop 101 and Indian School Road in Phoenix, the off-market deal was handled by Greg Vogel and Max Xander of Land Advisors who represented both the buyer and seller, the John F. Long family. This is one of the last remaining vacant land parcels owned by the late Long, a real estate pioneer who was the original developer of Maryvale, Arizona’s first master-planned community. The immediate area has seen a significant amount of new development recently including the much-anticipated VAI Resort.
Park Algodon is a two-phase speculative industrial development spread across 86 acres that totals approximately 1.3 million square feet. Expected to break ground by the end of the year, the first phase is comprised of four buildings totaling 670,000 square feet. The second phase is a single 556,000-square-foot building. LGE Design Build is leading the construction with completion expected in late 2025.
“This acquisition marks our first joint venture with Clarion Partners, one of the largest real estate investment companies in the world, and we’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” said Grant Kingdon, principal of Creation’s Mountain West Region. “Park Algodon serves as a catalyst to attract new employers to the area and offers exciting, meaningful employment opportunities for an underserved area of the Valley.”
Separate from the joint venture, Creation is developing The Shops at Park Algodon on an adjoining seven acres, which will include over 14,000 square feet of restaurant and retail space, along with four pads for additional restaurant development. Similar in modern architecture and design to Creation’s The Colony in Phoenix and The Collective in Tempe, The Shops will feature a best-in-class assortment of restaurants and retailers. Matt Milinovich and James DeCremer with Avison Young have been hired to handle leasing.
“We are looking forward to bringing much-needed retail and restaurant inventory to this premier location,” said Alex Bez, principal at Creation. “Our goal is to develop a thoughtfully designed project that will complement the incredible employment and residential growth in the area while also providing our tenants with modern, high-visibility space that results in successful locations for years to come.”
Creation garnered widespread attention in the news last month when it struck a deal with Prologis, Inc., the global leader in logistics real estate, for the $184 million sale of Creation’s Airpark Logistics Center in Goodyear, marking the largest multi-building industrial business park acquisition in Arizona history.
To learn more, visit CreationEquity.com.
Comments