GO Industrial Portfolio in Arizona, California With More Than 1.3 Million SF in Development Pipeline
GO Industrial, a Phoenix-based development firm focused on delivering design-centric buildings with a location-first strategy throughout the Western United States, announced more than 1.35 million square feet of new projects under development across Arizona and California. These new developments are highlighted by GO Industrial’s GO|99 North project, which is a 1.15 million square foot, Class A industrial building in the Southwest Phoenix submarket.
These three new developments, GO|99 North, GO|AZ Ave, and a project in San Jose, Calif., come on the heels of the completion of GO|99 South, which is a three-building, Class A industrial park adjacent to GO|99 North on the Southeast Corner of 99th Ave. and Buckeye Road in Phoenix. GO|99 South buildings range in size from 763,410 square feet for Building 3, to 247,064 and 272,456 SF for Buildings 1 and 2, respectively. Combined, the four buildings at GO|99 total more than 2.3 million square feet and represent one of the largest industrial developments to be built in the City of Phoenix boundaries.
GO Industrial recently closed on the sale of GO|99 South, which fetched the highest sale price for an industrial development so far in 2023. Before the sale, GO Industrial had secured a long-term lease from JA Solar, a China-based manufacturer of solar cells and modules. JA Solar will utilize GO|99 South Building 3 to manufacture photovoltaic products, and at full capacity expects to employ 600 people. It will be the largest manufacturing site of solar and photovoltaic products in Arizona.
The sale of GO|99 South Building 3 was GO Industrial’s first in Arizona and follows the August 2022 sale of 5600|Logistics, a two-building industrial campus in Salt Lake City.
“We have a great array of projects that are well spaced out for delivery, ranging from 12 months to 24 months out,” said GO Industrial Managing Partner Robert Guerena. “Navigating the capital and debt market challenges has put a focus on continuing to find well-located sites that have some element of entitlement challenge we can work with the sellers to solve. This should continue to fill the pipeline beyond 2025.”
Work will be underway soon at GO|99 North with entitlements being completed in the next few months. Work is also set to begin at GO|AZ Ave, which is an infill, 181,655 SF industrial building at Ryan Rd. and Arizona Ave. in Chandler. The project will deliver in Sumer of 2024. The third development ready to begin is a 70,972 SF facility in the high-demand Bay Area. The construction timeline estimates that the building will be completed in the third quarter of 2024.