Thompson Thrift Brings Class A Industrial Space to Queen Creek, Arizona
November 7, 2024
Phoenix, AZ
PHOENIX (Nov. XX, 2024) – Thompson Thrift, a full-service nationally recognized real estate company engaged in industrial, commercial, multifamily, mixed-use and retail projects across the country, announced today that it has completed construction on the first phase of Germann Commerce Center industrial development in Queen Creek, a thriving suburb southeast of Phoenix.
“Thompson Thrift Commercial is continuing a significant period of expansion and growth,” said Dan Sink, President and Chief Financial Officer for Thompson Thrift Development. “We are excited to have completed the first phase of Germann Commerce Center and are looking forward to continuing to expand our industrial development platform.”
Located on the southwest corner of Germann and Meridian Roads, the first phase of Germann Commerce Center consists of approximately 400,000 square feet of speculative light industrial space in five standalone buildings spread across approximately 26 acres. The buildings offer front-park/rear-load industrial, with clear heights from 28 to 32 feet and frontage on East Germann Road. Thompson Thrift will complete the build-out of the speculative office space in phase I by the end of the year.
At full buildout, Thompson Thrift expects to have just under 1.1 million square feet of warehouse, distribution, light assembly and manufacturing space between 13 buildings. The remaining 38 acres for phase II is being marketed for build-to-suit and for-sale options.
The Germann Commerce Center is the closest industrial facility to LG Energy Solution, which is underway with a $5.5 billion battery manufacturing complex that is expected to create 4,000 new jobs and propel them to be Queen Creek’s largest employer. The first 1.7 million square feet is expected to be completed in early 2026.
Ashlee Boyd, Managing Partner for Thompson Thrift Commercial stated, “It has been rewarding for our team to complete the first phase of Germann Commerce Center and bring Class A industrial space to Queen Creek to help support the rapidly growing economic growth in the community. It is developments like this, along with our strong pipeline, that continue to fuel our excitement for the future.”
Thompson Thrift remains very active throughout Arizona with a variety of mixed-use, retail and industrial developments. The first phase of Elliot Tech Center, the company’s mixed-use project in Mesa’s highly acclaimed Elliot Road Technology Corridor, is more than 45% leased and continuing to see strong leasing activity due to its strategic location and on-site amenities which help to differentiate the project. A second phase of the project will add approximately 622,000 square feet of industrial space. The company is currently marketing this expansion area for lease, sale or build-to-suit.
Pointe17 is another mixed-use development underway near the $40+ billion Taiwan Semiconductor Plant (TSMC) in northern Phoenix. The company has signed 12 leases with nationally recognized retailers and expects to begin delivering spaces during the fourth quarter. The 224-unit residential component of the development, Refinery at Pointe17, is underway with first resident move-ins projected for summer 2025, and these units will benefit from pedestrian connectivity to the onsite retail amenities.
Retail construction will commence in the next six months for South Bridge Marketplace in Maricopa and will include a 130,000-square-foot home improvement anchor which is currently under construction, a planned grocery store and additional retail and restaurant space. In addition, Thompson Thrift will complete construction late this year on District 99, a Sprouts-anchored shopping center near the intersection of Interstate 10 and Loop 101 in Phoenix. The project is nearly fully leased and will be home to many other retailers and restaurants including Shake Shack, Hawaiian Brothers and Dave’s Hot Chicken.
Thompson Thrift aims to begin construction on The Gilmore, a mixed-use project in the Phoenix suburb of Gilbert, in early 2025. The Gilmore will be a premier mixed-use project located at one of the most dynamic intersections in Gilbert at the northwest corner of Val Vista & Germann. This upscale project will contain approximately 190,000 square feet of retail and restaurant space including a 65,000-square-foot national grocery anchor and 300 vertically integrated multifamily units.
