Formation Interests and Crescent Real Estate LLC Break Ground on 261,000-Square-Foot Phase II Expansion of Formation Park 10 in Goodyear, Arizona

Why this matters

The commencement of Phase II at Formation Park 10 by Formation Interests and Crescent Real Estate signals sustained institutional confidence in industrial logistics real estate within secondary Sun Belt markets. Goodyear, Arizona, while not a traditional gateway, has emerged as a strategic node benefiting from supply chain reconfiguration and e-commerce growth, attracting capital beyond core coastal hubs. This expansion underscores a broader trend of capital deployment into large-scale industrial assets in markets offering operational efficiencies and favorable demographic tailwinds. From a capital markets perspective, the partnership between a developer and a well-established institutional investor reflects continued appetite for development risk amid a backdrop of evolving lending conditions. The ability to break ground on a sizable project suggests access to construction financing remains viable, albeit likely more selective, and that sponsors anticipate stable leasing fundamentals to support absorption upon completion. It also points to a measured but ongoing shift in capital allocation toward value-add development in industrial, as investors seek to capture income growth and hedge against inflationary pressures. Overall, this development phase highlights the resilience of industrial real estate as a preferred sector for institutional capital, particularly in Sun Belt markets where supply constraints and tenant demand converge to underpin long-term asset performance.

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On the RET wire

• Disclosed capital deal value tracked in July 2026: $19.2B across 51 reported transactions.

Computed from Real Estate Trail’s own tracked coverage

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