Colliers representing new-to-market developer on 284,850 SF development currently under construction
Sacramento, CA | January 10, 2023 – Jeffrey Phelan’s commercial real estate career began in Sacramento in 1988. Since starting his own company, Phelan Development, in 2006, he has developed more than $5 billion of commercial real estate properties. In September 2022, Phelan Development broke ground on Elkhorn Industrial Park, a two-building speculative industrial development in Metro Air Park, its first project in the Sacramento region. Mark Demetre and Michael Hoo in Colliers’ Sacramento office are representing Phelan’s new industrial properties for lease. The two buildings, located at 4525 W. Elkhorn Blvd & 4535 W. Elkhorn Blvd, total 190,525 square feet and 94,325 square feet, respectively, and will be delivered by Fall 2023.
“Phelan Development is very excited about the opportunity to enter the Sacramento market in such an active and prestigious park. The tenant activity is strong and we are excited to see Metro Air Park grow and continue to establish itself as a leading industrial park in Northern California,” said David Haugen, Regional Partner for Phelan Development in Northern California.
Metro Air Park is Sacramento’s most active industrial submarket. With more than 6.8 million square feet of industrial space delivered since 2017 and another 1.26 million square feet under construction completing in 2023, Metro Air Park continues to attract large industrial occupiers and is home to significant companies like Amazon, Walmart, SC Johnson, Matheson, General Produce, and Orca Bio. Sacramento’s industrial market is still recording low vacancy rates, significant levels of absorption, and steady rent growth, providing developers the confidence to continue building new speculative projects in a time of normalizing market conditions nationally and economic uncertainty globally. Phelan Development is also under contract to purchase an additional 24.89 acre site in Metro Air Park for a future industrial project.
For further information, please contact:
Research Manager | Sacramento & Reno
916 563 3018
About Phelan Development
Phelan Development is a privately held real estate company that specializes in the acquisition, development, and management of high-quality industrial, office, retail and mixed-use projects throughout the United States. Its talented team has led and developed in excess of $5 billion worth of development. Phelan takes a “hands-on” approach to ownership and development and works closely with its clients through every phase of the project. Phelan’s expertise and attention to detail has helped it establish a reputation for producing and managing attractive, well-designed buildings that meet the diverse need of its customers. Lean more at phelandevelopmentcompany.com
Colliers is a leading diversified professional services and investment management company. With operations in 63 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.6 billion and $92 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.