Prologis, a global owner, operator and developer of industrial real estate, today announced that it has begun construction on a 486,241 SF cross-dock facility in Prologis Park Riverside with a target completion date of April 2013.
The building – situated on a 27-acre parcel – represents the first speculative development in Phoenix since 2008.
It is part of a larger 153-acre master planned industrial park where Prologis sold 100 acres to a Fortune 500 retailer that plans to build a 1.2 MSF distribution and fulfillment warehouse on the site.
Prologis is pursuing magnet foreign-trade zone (FTZ) designation for the Park and in support of this has entered into a development agreement with the City of Phoenix.
Customers qualifying for FTZ status enjoy several benefits including duty deferral, reduced customs reporting requirements, and a 75 percent reduction in real property tax and on qualifying personal property and equipment.
Prologis has selected Don MacWilliam at Colliers International in Phoenix as its listing broker.
