Construction Begins on New Industrial Complex in Tempe

TEMPE, Ariz. – A new industrial complex called Nextwave Tempe is underway on McClintock Drive, spanning 35.5 acres with an investment of $50 million. Construction commenced in January 2023, spearheaded by Overton Moore Properties and Invesco Real Estate, with an expected completion date in the fourth quarter of 2025.

The three-building project will total 689,000 square feet and is already attracting interest from potential tenants, according to brokers John Werstler, Cooper Fratt, and Tanner Ferrandi of CBRE. They anticipate businesses will soon flock to the modern industrial park.

This site, previously home to Big Surf water park, was purchased by the developers in 2022. Big Surf, which originally opened in 1969, had been closed since 2019 and never reopened. Following the acquisition, the Tempe City Council approved a rezoning change in 2023 to support industrial uses at the location.

According to real estate database Vizzda, the development marks a significant transformation for the area, which aims to contribute to Tempe’s growing industrial sector. The strategic positioning near major transport routes is expected to enhance the attractiveness for logistics and commercial enterprises.

For updates on this project and other developments in the East Valley, you can sign up for The Arizona Republic’s weekly newsletter.

Corina Vanek covers development for The Arizona Republic. Reach her at [email]. Follow her on X at [X handle].