Two new and large speculative warehouses are expected to see construction in Phoenix on vacant land within the borders of the Santa Fe Industrial Park, located near the northwest corner of 43rd Avenue and Indian School Road.
The project belongs to the big Chicago-based Pritzker Realty Group, which is part of the bigger Pritzker family empire and specializes in the investment and management of real estate assets.
The site for the project comprises roughly 24 acres and was just recently purchased for $16.5 million by the company. What is being described as an infill project will take in the building of two Class A warehouses, representing a combined 418,000 square feet.
In a statement, Katie Michel, senior vice president with Pritzker, lauded the land purchase for the “opportunity it provides for our development plans in the area.”
Michel added that the site in question features “excellent access to the region’s transportation infrastructure.”
The Phoenix-based firm of Ware Malcomb has been brought in as project architect, with work at the site expected to begin sometime in the spring of next year.
The Pritzker Realty Group invests in apartment buildings and shopping centers, among other things.
Founder of the company is Penny Pritzker, who is regularly described in the press as a “billionaire heiress” and served as President Obama’s Commerce Secretary during his second term. She is the sister of the current Democrat Governor of Illinois Jay Robert Pritzker.
The Pritzker family has been on the top ten of Forbes magazine’s “America’s Richest Families” list for more than four decades.
December 20, 2024
By Garry Boulard
