TEMPE, AZ — Creation Equity is ready to turn a 16-acre site near Interstate 10 in Tempe into a new industrial park.
The Phoenix-based developer expects to start site work in October on Nexus Commerce Center — a three-building, 274,000-square-foot development located on the southeast corner of Elliot Road and Hardy Drive. The project will replace a vacant two-story office building once anchored by the University of Phoenix, that had used the space for a call center.
“Nexus Commerce Center will introduce desperately needed shallow-bay inventory into the highly desirable I-10 industrial corridor in response to the sustained tenant demand,” said Grant Kingdon, principal at Creation. “This project will appeal to a wide variety of tenants from virtually all industries and can cater to tenants as small as 15,000 square feet to as large as 100,000 square feet.”
Kingdon told the Phoenix Business Journal that the total development cost to bring Nexus to life is just under $59 million.
The former University of Phoenix office building, which was built in 1998, was sold in 2013 [bizjournals.com] to a joint venture between Scottsdale-based Everest Holdings and Chicago-based Walton Street Capital for more than $23 million.
