Major expansion is happening again in Goodyear as two large-scale projects totaling about 1.4 million square feet have begun construction at PV|303, the Southwest’s largest master-planned industrial park.
PV|303, which is home to companies such as Dick’s Sporting Goods, REI, UPS, Ball Corp., Ferrero, Daimler, XPO and SubZero, is being developed by Phoenix-based Merit Partners. This rapid buildout represents a growing demand for industrial development, the company stated in a news release.
Developer Westcore is working with Merit Partners to build a 720,000-square-foot logistics center for a third-party client, and Merit is developing and breaking ground on a speculative 547,000-square-foot facility for First Industrial Realty Trust.
In addition, First Industrial Realty Trust, with Merit Partners, is finalizing a 643,798-square-foot facility for mattress company MLILY scheduled to occupy this month.
Since it opened in 2011, more than 5 million square feet of industrial space has already been developed within the PV|303 1,600-acre master planned business park. There are approximately 3 million square feet remaining to be developed within the park.
Companies at PV|303 employ approximately 3,000 people, the release stated. At buildout, that number is expected to reach 6,000.
One of the reasons for PV|303’s rapid progress is its location, near the confluence of Loop 303 and Interstate 10. This location gives industrial occupants easy access to San Diego, Los Angeles, San Francisco, Denver, El Paso, Las Vegas and Salt Lake City, among others. It also gives these companies access to an educated workforce eager to live and work in the Southwest Valley.
The demand for industrial facilities continues to exceed expectations, the release stated. Proximity to major freeways and new infrastructure only increases that demand. Industrial product in the form of fulfilment centers is also in greater demand as more companies make the shift to on-line sales.
“These new projects along with the existing facilities are poised to make the Goodyear area a major hub for industrial companies and employment. We are proud to continue helping the southwest Valley and Arizona bounce back in a post-COVID economy,” said Kevin Czerwinski, CEO and principal of Merit Partners.
Merit Partners has project all over the Valley, representing a combined investment in excess of $2 billion. First Industrial Realty Trust Inc. is a fully integrated owner, operator and developer of industrial real estate across major markets in the U.S., with current holdings of approximately 64.1 million square feet. Westcore is a fully integrated commercial real estate investment firm with institutional scale and capabilities.