Blue Vista Capital Management (“Blue Vista”), today announced that it has begun the development of KV Casa Grande, a 314,453 square foot, Class-A industrial building located in Casa Grande, Arizona in partnership with Kentwood Ventures. Construction on the project is already underway, with an expected delivery date in the summer of 2024. Phoenix-based Willmeng Construction is the project’s general contractor.
KV Casa Grande, located in Pinal County, is a rapidly growing extension of Phoenix’s Southeast Valley that includes the nearby cities of Mesa, Gilbert and Chandler. The project is situated in the heart of Casa Grande’s industrial submarket with nearly direct access to I-8 (San Diego), I-10 (Phoenix/Tucson/Los Angeles), and SR85 (Mexico), providing efficient one-day round-trip transportation options throughout the Southwestern U.S., California, Texas, and Mexico. Upon completion, the building will feature 32’ clear heights, a 175’ concrete truck court, thirty-two 9’ x 10 dock-high doors, and fourteen 12’ x 14’ grade-level doors. The building will utilize tilt-up construction and a panelized Thermoplastic Polyolefin Roofing (TPO) roof, which improves energy efficiency by reflecting heat and is resistant to ultraviolet, ozone, and chemical exposures. The project is currently 15% pre-leased.
“We are thrilled to partner with Kentwood Ventures, a highly established, local platform, to develop a market leading industrial building in one of the fasted growing counties in the country,” said J.P. Sletteland, Senior Vice President at Blue Vista. “This is a brand new, Class-A industrial space that we are bringing to the Casa Grande market which will cater to both existing companies expanding their business footprint, as well as new entrants seeking industrial space.”
“The Casa Grande industrial market is experiencing increased demand, and with less than 1% industrial vacancy and little speculative construction in the pipeline, there is highly limited industrial availability for small and mid-bay tenants in the area,” said George Stellas, Vice President, Acquisitions at Blue Vista. “As one of the few land sites with access to existing utility hookups, KV Casa Grande is well-positioned to meet a growing demand in the region for high-grade, accessible and energy efficient industrial leasing opportunities.”
ABOUT BLUE VISTA
Blue Vista is a Chicago-based investment management firm which sponsors single-sector and diversified real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep experience as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $13.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit www.bluevistallc.com.
ABOUT KENTWOOD VENTURES
Kentwood Ventures is led by Jim Zemezonak and Kevin Dretzka who have over 70-years of combined experience representing $9B in total real estate transactions. Kentwood Ventures’ thesis is to focus on developing highly underserved industrial product that is leasable to small and mid-bay tenants in established markets with strong growth characteristics. Kentwood Ventures targets a first-mover strategy after careful consideration of the local supply/demand characteristics.
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Contacts
PRESS
Alex Jeffrey
Gasthalter & Co.
(212) 257-4170
bluevista@gasthalter.com
