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Business Briefcase
BY LAUREN SERRATO
West Valley View Staff Writer
Hello and welcome back to Business Briefcase. There is plenty of business movement in the West Valley, and we’re covering it this week.
Spec buildings coming to Goodyear
On behalf of Merit Partners Inc. and Lexington Realty Trust, an industrial-focused publicly traded real estate investment trust, Stevens-Leinweber Construction broke ground on two speculative industrial buildings within PV 303, a 1,600-acre industrial park in Goodyear.
Dubbed Buildings 3 and 4, the new construction will total 880,000 square feet of new Class A industrial space. It opens a new section of PV 303 on parcels located just west of the Loop 303 between Camelback and Thomas roads.
PV 303 is home to approximately 7 million square feet of completed or under-construction industrial product. Within this inventory, Stevens-Leinweber Construction completed buildings for companies like Boeing/XPO, Ball Manufacturing, HD Supply and XPO/Abercrombie and Fitch.
SLC is under construction on an additional 802,000-square-foot shell building for Merit Partners, also located within PV 303. Additional tenants within the industrial park include Dick’s Sporting Goods, REI, SubZero, Daimler and Fairlife.
“In just a handful of years, PV 303 has materialized into an employment and logistics hub, where companies that are known by name in households around the world are generating thousands of high-paying local Phoenix jobs,” Merit Partners principal and President Kevin Czerwinski said.
“That is a point of pride for our team and something we look forward to continuing with these new buildings. We are excited to partner with Lexington Realty Trust and Stevens-Leinweber on this project.”
The new PV 303 Building 3 will total 488,400 square feet, and Building 4 will have 392,000 square feet. Both will feature 40-foot clear height, crossdock configuration with trailer parking on both sides and 190-foot truck yards.
They are part of the larger PV 303 industrial park, which at build-out will include more than 20 million square feet of industrial, office and retail space located at Interstate 10 and Loop 303.
“The mix of companies that have located within PV 303 is exceptional,” Stevens-Leinweber Construction Vice President Erik Powell said. “It is a testament to the quality and care that Merit puts into the master planning of its parks. We appreciate the opportunity we’ve had to be a part of so many of these buildings.”
At Buildings 3 and 4, Butler Design Group serves as the project architect. Pat Feeney and Danny Calihan of CBRE are the exclusive leasing brokers.
Construction on Buildings 3 and 4 is underway, with completion scheduled for summer.
For more information on PV 303, visit meritpartnersinc.com.
Tech solutions company expands to Avondale
In the spring, Bizerba USA Inc. will open its Avondale plant that will manufacture labels and produce key equipment for industrial and retail.
Located at the Fairway 10 complex off the Interstate 10, the new facility will create 40 to 50 light industrial jobs when it opens in April.
“Avondale has a ready-made labor force for light industrial and manufacturing, and Fairway 10 is the perfect location for a company such as Bizerba, giving them an edge along this strategic freeway corridor with easy access,” said Ken Chapa, Avondale EDGE economic development and tourism director.
“We are excited for Bizerba’s opening next spring.”
With more than 4,500 employees worldwide, Bizerba has been in business since 1866. The family-owned German company has its North American headquarters in Joppa, Maryland. To serve its customers faster and to meet the growing demand, the company expanded its capacities with the Avondale plant.
“We are excited about this opportunity to expand in the western U.S. and specifically in the greater Phoenix area,” said Brian Evans, president of Bizerba Label Solutions. “We believe this next chapter in our business affords us the opportunity to better serve our existing customers, as well as strategic prospects both in labels and consumables, as well as service and parts. Additionally, we are happy to expand our offerings with a new product concept specifically from this plant.”
“Avondale’s thriving business community, proximity to transportation corridors and highly skilled workforce will provide Bizerba an environment for long-term success,” said Sandra Watson, president and chief executive
Briefcase...continued on page 14
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Buckeye experiencing a medical offi ce boom
BY WEST VALLEY VIEW STAFF
Buckeye is expected to experience a medical offi ce building boom as the young family-oriented city continues to grow, according to Andrea Davis, CCIM, principal of Andrea Davis CRE.
“Talk about an underserved market when it comes to medical offi ce space,” Davis said.
“We’re working with a developer (Magnat Group) that understands the demand in Buckeye, and this may be one of many. There is a need in this bustling Southwest Valley city for everything from women’s services to pediatrics to imaging to specialty services to outpatient facilities.”
Magnat Group is developing Sundance Medical Center at the northwest corner of Yuma Road and Sundance Parkway in Buckeye. The two-story medical offi ce building will be 43,000 square feet.
According to CoStar data, the Southwest Outlying Submarket is one of the smallest in the Valley, with roughly 310,000 square feet of offi ce space. The vacancy rate has risen moderately during the past 12 months, and at 1.9%, the rate was a touch higher than the long-term average as of the fourth quarter of 2021.
Annual net absorption came in at negative 6,000 square feet over the past year. The story improves over a longer period. Over the past fi ve years, the submarket has posted net absorption of about 1,300 square feet on average. Rents grew by 3.1% over the past year, which is in line with the impressive decadelong annual average in Southwest Outlying.
There are no supply pressures on vacancy or rent in the near term, according to CoStar, with no new product under construction. This lack of construction extends more than 10 years since an offi ce project was delivered in the submarket.
“The type of client we’re seeing demand medical offi ce space in Buckeye seems to be large medical users,” Davis said. “These users are requiring 5,000 square feet to 20,000 square feet versus the average medical user size of 2,500 square feet to 3,000 square feet.”
As the largest Valley city in terms of size — 640 square miles — Buckeye boasts more than 91,000 residents, an 80% increase from 2010, according to the city website. The Maricopa Association of Governments predicts Buckeye’s population will balloon to 305,000 residents by 2040.
Recently, it landed KORE Power, a lithium-ion battery manufacturer reported to add more than 3,000 jobs to West Valley.
Sundance Medical Center will be at the northwest corner of Yuma Road and Sundance Parkway in Buckeye. (Rendering courtesy of Andrea Davis) offi cer of the Arizona Commerce Authority.
“We are grateful Bizerba chose Avondale to expand its presence to the West Coast, creating dozens of quality jobs for residents and contributing to the West Valley’s rapid growth.”
The Greater Phoenix Economic Council’s Chris Camacho agreed.
“We are excited to welcome a company that has established such a deep international footprint through more than 150 years of operation,” said Camacho, GPEC’s president and chief executive offi cer.
“Avondale, and greater Phoenix as a whole, will reap the benefi ts of Bizerba’s presence in the region.”
Bizerba USA Inc. will take possession of the new plant in Avondale mid-January.
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Please email your business news and tips to Lauren Serrato at lserrato@timespublications.com
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