Phoenix – February 1, 2016 – In October, Opus Development Company, LLC purchased a 23-acre parcel of land at the northeast corner of 7th and Elwood Streets in Phoenix. The company has plans to develop a ±390,000-square-foot industrial property on the site. The project is being called Opus Airport Industrial and will break ground in February.
John Werstler, Cooper Fratt and Jerry McCormick with CBRE’s Phoenix office will market and lease the property. The CBRE brokers also negotiated the land sale between Opus and the seller, 7th Street Industrial, LLC of Phoenix, which closed in September 2015.
"This 23-acre site is one of the last remaining developable industrial parcels within the Airport area submarket," said CBRE’s Werstler. "There is high demand for modern, larger functional warehouse space in this submarket, and little existing product to meet it. Opus Airport Industrial will fill that gap."
Opus Airport Industrial will feature a ±390,000-square-foot cross-dock warehouse building. The property will feature 36’ clear heights and dock-high and grade-level doors. The project could accommodate multiple tenants with requirements of 90,000 square feet or more. Completion is slated for Q3 2016
Opus Development Company, LLC is division of Minneapolis-based The Opus Group. The firm is actively developing industrial, office and multifamily projects across the Valley.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
