The Big Technology Push
The tech industry—from software, biotech, and electronic manufacturing—is one of the biggest drivers of Phoenix’s industrial market. And Apple is only one example, according to The Rockefeller Group’s Arizona regional director Mark Singerman, who’s also speaking at our Phoenix State of the Market event. (He's pictured above with a Chihuly glass sculpture at the Phoenix Desert Botanical Center, where he's a member.) The company has six light industrial and office projects in the works in the area, including Chandler, Gilbert, and Tucson. But given the scarcity of light industrial product in the Southeast Valley, there’s great opportunity for even more, he says. Rockefeller Group has other parcels of land it owns zoned for that sector, and one will likely be for spec, he tells us.
One of the projects already underway is an 82k SF flex office space, which will be building three (above) in Chandler Corporate Center at 485 N Juniper Rd. Mark tells us that the building is on spec and will deliver in September; it’s being built in the “cool space” format tech companies love, but will give them the flexibility to have light industrial operations. (It also has the flattest roof anyone has ever seen, a level's dream.) The building can be split for up to six tenants, and Mark tells us proposals are out right now, including for a large financial institution with a back-office requirement. Building two (500 N Juniper), office space built in 2009, was just brought up to 100% with an accounting firm lease; Rockefeller Group will move its own regional offices there to join the new tenant and an existing mortgage brokerage tenant by August.
Work is also moving along at the North Gateway, the 1.3M SF mixed-use, master-planned community on 160 acres in Gilbert. In addition to office and light industrial, North Gateway will include retail, a church, and a 402-unit, Class-A apartment community that Rockefeller Group is building in a JV with Investment Property Associates. Mark tells us that Phase 1 of the project (above) will be completed in June. It’s a lot on Mark’s plate, but every day after he leaves the office, the ex-pro tennis player makes time to head to the gym or pool for some “addicting” exertion and the resulting endorphins.
