A Michigan real estate player is muscling into north Phoenix’s Deer Valley submarket with a roughly $100 million industrial project, following a series of land buys that plant its flag near the city’s booming chip corridor.
According to the Phoenix Business Journal, Martin Commercial Properties has closed on three parcels totaling about 15 acres in Deer Valley and is aiming to break ground on its first Phoenix development this summer. The outlet notes that the deal marks the East Lansing firm’s first direct development move into the Valley.
Founded in 1962 and based in East Lansing, Martin Commercial Properties describes itself as a full-service commercial real estate company, with brokerage, construction and property management services in-house as it looks beyond its long-established Michigan base.
Why Deer Valley
Deer Valley has been on a hot streak of industrial and supplier activity since Taiwan Semiconductor Manufacturing Co. began building its multi-fab campus north of the submarket. The U.S. Commerce Department’s pledge of up to $6.6 billion tied to TSMC’s expansion has helped pull in suppliers and speculative developers, the Associated Press reports.
Recent local project roundups and industry listings point to a deep bench of industrial and mixed-use work across north Phoenix, with dozens of developments highlighted around the Valley. Against that backdrop, an out-of-state firm betting nine figures on Deer Valley fits the broader rush to secure space near the chip supply chain.
What To Watch
Martin Commercial’s land purchase and planned $100 million build will add fresh industrial space to a market already crowded with cranes and grading crews. Specifics on building size, target tenants and firm timelines are expected to surface as permit applications move through the city; the Phoenix Business Journal reports that construction is slated to start this summer.
As the project shifts from land deal to active construction, neighbors, city staff and subcontractors will be watching how the new development affects truck traffic, utility capacity and the already tight labor pool in north Phoenix’s industrial scene.
