GTIS Partners has a joint venture with Baker Development Corp. and Foundation Capital Partners to build Yuma 143, a fulfillment center in a qualified opportunity zone in Goodyear.
The development of the Yuma 143 marks GTIS ’13th investment in the Phoenix area in the past decade. The $ 45 million project will be 490,000 square feet.
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“The project’s location on the west side of Phoenix and strategically located next to the Goodyear cargo airport enables us to serve the fast growing Phoenix MSA from a consumer / e-commerce perspective as well as to distribute it to the west of the LA metropolitan market “Josh Pristaw, Senior Managing Director, Head of Capital Markets and Co-Head of Brazil at GTIS Partners, told Commercial Property Executive.
GTIS has raised more than $ 400 million in equity for 12 projects in Opportunity Zones. The developments comprise 1.6 million square meters of office and industrial space as well as 5,300 multi-family units. These investments are located in Phoenix, Tampa. Fla .; and Charlotte, NC
Nearby is Baker Development Corp.’s VB 143 project, which is part of the next phase at the Airport Gateway in Goodyear.
No signs of slowing down
The Phoenix market continues to be a top contender when it comes to industrial development. In a report by CBRE last month, the subway was named the top growth market for the big box industry, with an inventory of 9.1 percent for 2020.
Large companies are flocking to the region to expand their operations in the US. Last week, ElectraMeccanica, known for developing the SOLO three-wheeled electric vehicle with one passenger and three wheels, chose Mesa as the home for its next assembly and engineering plant. The company has laid the foundation stone for the 235,000 square meter facility, which will create up to 500 jobs after completion.
Earlier this month, the HelloFresh meal set company decided to expand its presence by opening a distribution center in Phoenix, which will become the company’s largest shipping and fulfillment center in the United States
Back in March, Intel announced its decision to increase the company’s semiconductor manufacturing capacity and announced plans for two new factories on the Ocotillo campus in Chandler, Arizona. The expansion corresponds to an investment of 20 billion US dollars.
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