Construction on a 314,453-square-foot industrial development dubbed KV Casa Grande is currently underway in Arizona. Kentwood Ventures partnered with Blue Vista Capital Management on the project, which broke ground this April. Additionally, Kentwood recently secured $38 million in financing to facilitate industrial development.
JLL assisted Kentwood in securing a $23 million loan from CrossFirst Bank, along with $15 million in joint venture equity. Senior Director Jason Carlos and Associate Jarrod Howard led the JLL Capital Markets Debt and Equity Advisory team.
While Tony Lydon, John Lydon, Hagen Hyatt, and Kelly Royle will be in charge of leasing arrangements for the industrial project. Thus far, the KV Casa Grande industrial project is already 15% pre-leased. The developers expect the industrial facility to reach completion by the summer of 2024.
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Development plans for the KV Casa Grande industrial facility
The developers have designed the KV Casa Grande industrial facility to include 32’ clear heights and a 175’ concrete truck court. In addition, the building will feature thirty-two 9’ x 10 dock-high doors, and fourteen 12’ x 14’ grade-level doors.
The design plan also incorporates tilt-up construction and a panelized Thermoplastic Polyolefin Roofing (TPO) roof. These features will improve the building’s energy efficiency by reflecting heat and make it resistant to ultraviolet ozone, and chemical exposures.
Willmeng Construction is serving as the general contractor for the industrial project. The KV Casa Grande industrial development is taking place at the corner of Thornton Road and Lawrence Street.
Therefore, the 18.7-acre development site is in an Opportunity Zone, which is about 50 miles from downtown Phoenix. Its location is in the heart of Casa Grande’s industrial submarket. Therefore the industrial facility will offer future tenants easy access to interstates 8 and 10, as well as SR85.
Blue Vista’s Senior VP, J.P. Sletteland said his company was excited to partner with Kentwood on KV Casa Grande. He described the project as a market-leading industrial development in one of the fastest-growing counties in the U.S.
