Scottsdale, Ariz. (December 7, 2023) — Martens Development Company (MDC) announces the beginning of construction of its 20-acre Park 91, a new 278,000 SF Class A industrial development, located at the southwest corner of 91st Ave and Buckeye Road in Phoenix, Arizona.
The new complex is the second phase of Logic Park, a successful 739,000 sf industrial park on 44 acres, which will serve multiple tenants by offering various leasing size options.
Park 91 will include a standalone 102,000 SF building and a second standalone 176,000 SF building which are capable of serving tenants ranging in size from 20,000 to 175,000 SF with its new Southwest Valley facilities. Construction is expected to complete in late 2024.
“We’re thrilled to announce the completion of financing and start of construction for the Park 91 industrial complex,” said David Martens, principal with MDC. “Our goal is to deliver space that meets the needs of the submarket, for both single and multi-tenant occupants. This is a vibrant area that is experiencing significant economic development and we’re pleased to be bringing new industrial space to accommodate the area’s growing demand.”
MDC aligned with private lender Trez Capital for the construction financing on Park 91. Trez Capital provides private financing to property developers for a variety of purposes including acquisition, refinancing, horizontal development, vertical development, land banking/lot banking and bridge financing on property deemed suitable to its investment strategy.
“We are excited to work with such an experienced developer and to have this opportunity to expand our footprint in the Phoenix market,” said Jason Stowe, vice president of origination at Trez Capital.
“Our ability to help secure a strategic lender for MDC is a true testament to their experience and the solid investment fundamentals that exist within the West Valley,” said Roman Nelson of CapMatrix, whose team served as strategic capital advisor on the transaction.
The project’s architect is Ware Malcomb and Wespac is the general contractor. Kimley-Horn is serving as the project engineer, and leasing is being handled by Gary Anderson at Cushman & Wakefield.
“We are very proud to represent MDC as the leasing team at Park 91 and helping to fill this market’s demand for quality industrial space. We look forward to a very successful endeavor,” said Anderson.
The MDC team has a proven track record of developing Class-A warehouse and distribution developments throughout the Phoenix MSA. MDC has over 47 years of development experience, delivering more than 4.5 MSF of industrial space within the last five years within the Phoenix MSA. Park 91 is congruent with MDC’s industry-leading strategic planning for the Phoenix market’s industrial needs.
MDC is a real estate investment firm based in Scottsdale, Arizona, which focuses on investment opportunities in the Southern United States. Founded in 1994, MDC, formerly known as Marwest, has been advising capital sources on development and value-add opportunities on behalf of their clients by providing unbiased analysis and a comprehensive real estate management solution to projects in the region. For more information about Park 91 visit: http://park91.com
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over CAD $5.3* billion in assets under management and has funded over 1,700 transactions totaling more than $17.5 billion CAD since its inception. The Dallas office has funded more than $6.2 billion in loans.
(*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).