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Sunbelt Investment Holdings is continuing to build out its long-planned mixed-use project on Arizona State Land it secured in 2018 across from Turf Paradise. The company is advancing a combination of multifamily, industrial and retail components on the 90-acre site, including a new grocery store and shovel-ready pads for additional retail and restaurant users.
According to reporting cited from the Phoenix Business Journal, Sunbelt has already delivered a 101,000-square-foot industrial flex office building on the property. Plans call for six more industrial buildings to be added to the site, with individual building sizes expected to range from 67,200 to 230,400 square feet. These industrial facilities are part of a broader plan to create a business park environment alongside residential and retail uses.
On the residential side, Sunbelt is under construction on a 363-unit apartment community. The project will include a mix of one-, two- and three-bedroom units, as well as townhomes, with residences ranging from 737 to 1,802 square feet. The apartments are being developed on 18 acres at the southwest corner of 19th Avenue and Phelps Road, with initial units projected to be completed toward the end of next year.
The retail component is anchored by a planned Aldi grocery store. Aldi is preparing to build on 2.37 acres it acquired at the site, adding a neighborhood-serving grocery option to the emerging mixed-use development. In addition to the Aldi parcel, Sunbelt has two shovel-ready pads designated for retail and restaurant uses located adjacent to the future store, offering opportunities for complementary tenants to enter the project.
Marketing and leasing for the retail and restaurant pads are being handled by CBRE. Brokers Mark Krison and Luke Krison of CBRE have been engaged to secure users for these sites, positioning the pads to benefit from both the new multifamily population and the industrial employment base planned for the property. As the various components progress, the development is set to bring new housing, industrial space and daily-needs retail to the area surrounding Turf Paradise.
The post Sunbelt Investment Advances Mixed-Use Industrial, Apartment and Retail Project Near Turf Paradise appeared first on CRE Market Beat.
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