CrossHarbor Capital Partners, a leading multi-strategy commercial real estate investor, and Creation, a Phoenix-based real estate development and alternative investment firm, announced today the acquisition of a 16-acre site in Tempe, Arizona within the highly sought-after I-10 industrial corridor. Terms of the deal were not disclosed.
The site will be redeveloped as Nexus Commerce Center, a 273,000 square foot industrial park. The new development will feature three Class A buildings with 32-foot clear heights, capable of accommodating various users and multiple configurations. The property was previously the site of a vacant Elliot Corporate Center, an office building previously anchored by the University of Phoenix, which will be demolished.
“With limited availability of land parcels suitably large enough for office to industrial conversions in Tempe, the development of Nexus Commerce Center is an opportunity to deliver a completely modernized, customizable facility suitable for a variety of tenants, including last-mile logistics, manufacturing, showroom, and general warehousing,” said Ryan Westervelt, vice president at CrossHarbor Capital Partners. “We have previously collaborated on several high-quality industrial development projects with Creation, and we are pleased to have such a strong operating partner with local market experience.”
“Nexus Commerce Center is another opportunity to work with CrossHarbor on a ground-up development and innovative reuse of an office property that will introduce desperately needed shallow-bay inventory into the highly desirable I-10 industrial corridor,” said Grant Kingdon, principal at Creation.
The property’s location at the convergence of West Elliot Rd. and South Hardy Drive provides tenants with direct frontage on a major east-west thoroughfare in the City of Tempe, with access to a full diamond interchange at the I-10 freeway approximately one mile west. The site also provides efficient access to the 101 freeway and to Loop 202. The attractiveness of the location due to its accessibility to nearly the entire Phoenix Metro within 40 minutes is amplified by the strong economic environment and demographics in Tempe, which are highlighted by the presence of major research hubs, technology companies, and advanced manufacturing employers. Tempe is located at the epicenter of one of the highest-density hubs for semiconductor manufacturing, materials, and equipment development in the U.S.
LGE Design Build is the architect and general contractor. Construction on Nexus Commerce Center is expected to begin in early February. Mike Haenel, Andy Markham and Phil Haenel of Cushman and Wakefield will oversee the leasing and are currently fielding pre-lease inquiries.
Nexus Commerce Center is the fourth joint venture partnership between Creation and CrossHarbor, including most recently Source Business Center in Tempe, which broke ground in November 2024.
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