Creation and Clarion Partners have recently acquired nearly 100 acres of land in Phoenix for the development of a $250 million industrial and mixed-use project, known as Park Algodon. The off-market transaction was facilitated by Greg Vogel and Max Xander from Land Advisors, who represented both the buyer and seller – the John F. Long family.
Situated on the northwest corner of Loop 101 and Indian School Road in Phoenix, this two-phase speculative industrial development spans across 86 acres with a total area of approximately 1.3 million square feet. Construction is expected to commence by end-of-year with LGE Design Build leading the project’s construction process. The first phase will consist of four buildings totaling at around 670,000 square feet while phase two will feature a single building spanning over an area of about 556,000 square feet.
In addition to this joint venture between Creation and Clarion Partners for Park Algodon’s development, Creation is also working on another project called “The Shops at Park Algodon” which covers seven adjoining acres including over fourteen thousand square feet dedicated to restaurant & retail space along with four pads designated for further restaurant developments.
This recent acquisition marks yet another milestone in Phoenix’s booming real estate market as it continues its upward trajectory towards becoming one among America’s most sought-after business destinations.
