IRVINE, Calif. – April 13, 2022 – Rockefeller Group, the U.S. real estate developer, owner, and operator, announced that it has purchased a 25-acre parcel on Sweetwater Avenue in Surprise, Arizona, for $12 million.
The company will develop Surprise Pointe Commerce Center, a 415,000 SF speculative distribution center, on the property. The project is designed to accommodate one to four tenants and offers a 36-foot clear height, 83 dock doors, a 185’ truck yard, 103 truck trailer parking stalls, 466 auto-parking stalls and custom-designed office space. Surprise is part of the Southwest Valley industrial submarket.
“Rockefeller Group is excited to be developing a new industrial project in the Phoenix area and in Surprise, a great center for business,” said Marc Berg, Vice President and Regional Director for Rockefeller Group’s West Region. “Because of the location’s access to both Interstate 10, and Loop 303, combined with a friendly community that welcomes businesses, we are confident that Surprise Pointe Commerce Center will attract tenants from e-commerce, manufacturing, and suppliers to the growing semiconductor industry.”
In May 2020, Taiwan Semiconductor Manufacturing Co. (TSMC) announced a $12 billion investment in the company’s chip manufacturing plant in Arizona. In December 2022, the company increased its investment to $40 billion in the 1,100-acre project and numerous suppliers have followed TSMC, creating demand for industrial buildings throughout Metro Phoenix.
The site is also strategically located near other transportation corridors including U.S. 60, Interstate 17, and Loop 101 will allow this new industrial building to serve not just Phoenix but Las Vegas, Tucson, Albuquerque, and all of Texas.
“Absorption rates for industrial in the Southwest Valley are actually higher than in the Inland Empire in California, which has historically been one of the top markets for industrial,” said Berg. “People are flocking to Surprise and the surrounding areas. The area’s diversified economy and good employment base make the Surprise Pointe Commerce Center the ideal location for businesses adding jobs.”
Cooper Fratt of CBRE and Kirk Kuller of Cushman & Wakefield represented Rockefeller Group and will handle the marketing and leasing of the project. Ware Malcomb will design the project and Layton Construction will be the general contractor. Rockefeller Group’s civil engineer, who has extensive experience in Phoenix, is Hunter Engineering.
About Rockefeller Group:
Rockefeller Group develops, owns, and operates extraordinary properties across the United States. For nearly a century, the company has delivered exceptional experiences and value creation through dedication to quality in the built environment. The company’s portfolio spans the development of office, multifamily, industrial and mixed-use projects across six geographic regions as well as significant ownership interest in and management of approximately 6 MSF of world-class office space in Manhattan. Visit RockefellerGroup.com.