Site work begins on ‘Next Wave’ industrial project at former Big Surf Wave Park
Sep 29, 2024, 6:30 AM
A conceptual rendering of one of three buildings for the proposed "The Next Wave" industrial park in Tempe. The project will be built at 1480 N. McClintock Drive — the site of the former Big Surf Wave Park and the Inland Oceans Ice Arena. (HPA Architecture via Tempe)
(HPA Architecture via Tempe)
Early site work is underway at what will be turned into rare industrial space in Tempe.
California-based Overton Moore Properties has commenced grading and utility relocation operations on The Next Wave — a three-building, 690,000-square-foot spec industrial park at 1480 N. McClintock Drive — the site of the former Big Surf Wave Park and the Inland Oceans Ice Arena. Jason Hines, vice president at OMP, expects full construction on the park to start by Thanksgiving.
CBRE Group Inc.’s John Werstler, Cooper Fratt and Tanner Ferrandi are the listing brokers for The Next Wave. While no tenants have pre-leased space at the park as of Sept. 25, Werstler said his team has responded to requests for proposals from prospective users looking to locate within the Airport submarket, which currently has very little space to lease.
As of Q2 2024, the 75.6 million-square-foot submarket boasted just a 3.9% vacancy with no other new construction underway. The Airport submarket is the second-smallest in the Phoenix metro behind the Northeast Valley (13.8 million), according to a market report from CBRE.
Werstler said the park can accommodate users of all sizes but the “sweet spot” is for tenants looking for under 200,000 square feet of space.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
