PHOENIX, Ariz., Sept. 07, 2022 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE), in partnership with Hopewell Development (Hopewell), has partnered to develop a 17.79-acre industrial estate in the North Mesa Submarket adjacent to Falcon Field Airport. Acquired development site totaling 14.20 acres in Corridor 101 submarket in Peoria. The two projects have a total area of 32 acres and can develop up to 486,200 square feet across six buildings. These development projects are a further extension of his NWRE build to sustain the industrial development strategy and partnership with Hopewell.
The North Mesa Project is located just south of North Loop 202, providing efficient access to downtown Phoenix and Sky Harbor Airport to the west and Mesa Gateway Airport to the south. The niche North Mesa location offers the latest multi-tenant industrial offerings coveted by small to medium-sized bay users. CBRE’s Mike Parker brokered the off-market transaction to lease his 264,500-square-foot three-building project, named Falcon202 Commerce Park. Hopewell has now secured the rights and construction is expected to begin by early 2023.
In Peoria, the partnership will acquire the remaining two infill sites at Empire Business Park adjacent to Loop 101, with three buildings housing 221,700 square feet. The 101 Corridor submarket is a very popular location with excellent connectivity to the Phoenix MSA, with immediate access to Loop 101 and US Route 60. Colliers International’s Brian Gleason and Bonnie Haley will broker the transaction and handle the leasing. Three Class A buildings ranging in size from 65,000 to 93,000 square feet are under construction to accommodate single-user or multi-tenant demolition plans.
Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate, said:
Justin LeMaster, Vice President of US Industrial at Hopewell, added: Both of these infill projects are located in areas with very high barriers to entry. Tenants have few options for spaces in this size range. We look forward to bringing these projects to market and continuing our longstanding relationship with Nicola Wealth. ”
NWRE is focused on growth in key U.S. markets such as Las Vegas, Phoenix, Denver, Dallas/Fort Worth, San Francisco, Minneapolis and Seattle, with revenue-generating real estate acquisitions and build-to-own development and value-added projects. Focuses on execution strategy.
For more information on the Nicola Wealth Real Estate Fund, please visit: realestate.nicolawealth.com
About Nicola Wells Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a leading Canadian financial planning and investment firm with $12.3 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team sourcing and asset management for a growing real estate portfolio in key North American markets, including industrial, multifamily rental apartments, offices, self-storage, retail and seniors. across a variety of asset classes, including for housing. His current NWRE portfolio totals over $8.5 billion in total asset value.
About Hopewell Development
Headquartered in Calgary with offices in Toronto, Winnipeg and Phoenix, Hopewell Development LP (“Hopewell”) is the commercial development arm of the Hopewell Group of Companies. For nearly 30 years, businesses of all sizes and in all industries have trusted Hopewell, one of North America’s leading commercial developers, to deliver intelligent, highly personalized real estate solutions.
Hopewell is an experienced full-service development company that works with partners to manage all aspects of the development phase. Hopewell prides itself on hiring the right people to ensure all aspects of the development are coordinated, including planning, engineering, qualification approvals, construction management and successful leasing of the project. Once the development phase is complete, Hopewell also provides partners with property disposal management or long-term property and asset management services.
Hopewell has developed over 25 million SF of A-class industrial products and currently has another 18 million SF active projects in various stages of development. Hopewell has extensive experience in all aspects of commercial real estate development and currently has active projects under development in Calgary, Edmonton, Winnipeg, the greater Toronto area, Ottawa, Phoenix, Las Vegas and Dallas/Fort Worth. Hopewell’s experience and expertise spans North America.
Falcon Field 202 Business Park