Formation Interests, Crescent Real Estate Break Ground on Phase II of Formation Park 10 in Goodyear, Arizona

Why this matters

The commencement of Phase II at Formation Park 10 underscores sustained institutional confidence in Phoenix’s industrial sector, a market that has consistently attracted capital amid broader economic uncertainty. The partnership between Formation Interests and Crescent Real Estate signals a continued appetite for large-scale logistics and distribution assets in Sun Belt secondary markets, where demand drivers such as e-commerce and supply chain reconfiguration remain robust. This development move also reflects a willingness among institutional sponsors to advance projects beyond initial phases despite recent tightening in lending conditions, suggesting that capital providers are still supporting well-located industrial product with strong fundamentals. For allocators, the transaction highlights the ongoing bifurcation within US CRE: industrial continues to command premium capital flows, contrasting with more cautious positioning in office and retail. Moreover, the choice of Goodyear, a submarket benefiting from Phoenix’s population growth and infrastructure investment, illustrates the strategic targeting of growth corridors rather than core urban nodes. Overall, the ground-breaking at Formation Park 10 Phase II is a barometer of industrial’s resilience and the selective deployment of equity and debt capital in markets where fundamentals justify development risk.

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