St. Louis-based US Capital Development broke ground on its first development in Arizona. Falcon Park 303 Phase I will be a 599,468-square foot speculative industrial product located along the Loop 303 Corridor in Glendale.
“Within the next 12 months, we’ll have another $1 billion of vertical development in the queue,” US Capital Development Managing Partner and CEO Scott Sachtleben stated in a news release. “This is our first entry into the Phoenix Valley and we’re excited about the potential that we see here in Glendale. We’re very anxious to get going.”
Falcon Park 303 Phase I sits on 36.75 acres along Camelback Road at 152nd Ave., just over a mile east of the Loop 303. The building will feature 40-foot clear heights, with 92 dock-height loading doors and four drive-in loading doors. The 599,468 SF space is divisible by half. The building is expected to be completed by August of 2022.
“I want to thank the team at US Capital Development for their investment and their trust in our partnership,” Glendale Mayor Jerry Weiers stated. “We’ve been growing at warp speed and that has everything to do with our partners and the trust that they place in the city of Glendale. This is just one of several buildings, so we’re not done after today, in fact, we’re just getting started.”
The team working alongside US Capital Development includes general contractor Willmeng Construction, architect Gray Design Group and civil engineering firm Hilgart Wilson. The leasing on the development is being handled by the Cushman & Wakefield team of Andy Markham, Mike Haenel and Phil Haenel.
US Capital Development is also working on plans for Falcon Park 303 Phase II, which will be a 325,000 SF speculative industrial building. Along with Falcon Park 303, Sachtleben said that his firm is in various stages of planning on at three other industrial developments across the Valley. He noted that by the first quarter of 2022, US Capital Development will have 3 million square feet of industrial product coming out of the ground in the Phoenix market.