Form and function are shaped by
forethought and follow-through.
With extensive experience in investments across the risk spectrum and all property types, as well as extreme thoroughness in analysis and project planning, Martens executes at a level and speed unmatched by larger developers. The result? Projects are designed to enhance portfolio value, elevate tenant experience and add prestige to the cities in which they’re located.
Despite being in the peak of the 2020 Covid-19 pandemic, Martens Development attracted debt and equity to begin construction on the third phase of this seven-building Class A industrial project in Mesa, Arizona. Totaling 525,000 square feet, this speculative complex was nearly 100% leased, with over 10 tenants by certificates of occupancy. Moving forward while others struggled to line up capital allowed Martens to capture continued pent-up tenant demand in the area.
Located in West Phoenix, Logic Park faced stiff competition from numerous buildings in the vicinity. Completing construction during Covid-19 proved challenging, as materials and manpower were becoming difficult to acquire. Martens shifted strategy and began to spec out the facilities, pre-buying materials in order to be truly tenant-ready. The payoff was in the result: the project was stabilized with 10 tenants 12 months after construction completion. Today, Logic Park consists of three buildings totaling 725,000 square feet. This Class A project hosts users from 25,000 to 190,000 square feet.
Prior to developing Landing 202, the largest speculative building completed in the East Valley was 200,000 square feet. Martens’ extensive history and due diligence in the submarket revealed that user sizes in the area were growing significantly. Offering 486,000 square feet, this two-building project, completed in July of 2020, was the first spec “big box” development accomplished east of Sky Harbor International Airport. The project was leased and stabilized at certificate of occupancy.
THE LANDING AT PMG
Developed in 2019, the Landing at PMG was the first institutional speculative development accomplished at Phoenix Mesa Gateway Airport. Originally perceived as “pioneering,” the six-building project outperformed all metrics and illustrated that the area was on the cusp of becoming a powerful submarket for greater Phoenix. The project was 100% leased within 12 months to approximately 15 tenants.
With the success of Landing 202 and extensive inquiries from users looking for 250,000 sq. ft.+, Martens pursued Elliot 202, a project that could accommodate up to 1 million sq. ft. and up to four users. Projects of this size and scope are nonexistent outside of West Phoenix. User demand is high in the Southeast Valley for this expansive size range, but no facilities at present can accommodate it.