Nevada-based Dermody Properties has plans of developing a massive industrial park called Copperwing Logistics Center in El Mirage, Arizona. The industrial park will be built on a 1,000.46 acre site, which Dermody purchased from the John F. Long Family Trust at $52 million, and it is expected to become one of the largest industrial parks in Arizona.
Development plans for the Copperwing Logistics Center include building about 10 million square feet of speculative space over the course of the following decade and also developing roughly 300 acres for other third-party owners/users and customers with custom-build requirements. Dermody also has plans of adding new water and sewer sources on the property, as well as new roads and park amenities, with the initial part of development scheduled to begin in 2022.
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Copperwing Logistics Center to be developed at a an approved Foreign Trade Zone
According to the president of Dermody Properties, Douglas Kiersey, the project was able to progress quickly, especially since, majority of the heavy duty work, which they were supposed to do as the buyers, had already been taken care of by the former owners of the property. Kiersey explained that his company had made a good buy and had basically inherited a fully improved site with road infrastructure, utilities, and so much more. In addition, the site of this new Copperwing Logistics Center is also situated at an approved Foreign Trade Zone (FTZ), which implies that Dermody and other active companies within this area could receive incentives in the form of a 75% reduction in real estate and personal property taxes.
The new Copperwing Logistics Center is targeted at logistics-focused customers and is also intended to attract large distribution users, data centers and manufacturers. Kiersey was also certain that this development would be a driving force for job creation and economic benefits, which will have a huge impact on the Phoenix market. All leasing arrangements for the industrial park will be handled by Pat Feeney, Rusty Kennedy and Dan Calihan of CBRE.
