A new industrial development in Phoenix has already secured a long-term tenant before its completion next year. The project, led by Atlas Capital Partners and OakPoint, has signed Frito-Lay for a 10-year lease. Additionally, the developers have obtained a $12 million construction loan from Core Bank for the 60,500-square-foot warehouse located at Germann Road and Silverado Court.
The joint venture acquired the land in 2022 for $4 million and expects Frito-Lay to occupy the building by late 2024. Situated on an expansive 8.2-acre site in Southeast Valley near two major airports, this build-to-suit project is set to be completed within just one year.
JLL Capital Markets represented the developer throughout negotiations with both Frito-Lay and Core Bank. This successful deal highlights strong demand for industrial space in Phoenix’s thriving market.
