VAC Development and IndiCap have broken ground on Bethany Bay, a two-building Class-A shallow-bay industrial development in Glendale, Arizona. The 136,800-square-foot project is located at 16380 and 16840 West Bethany Home Road within the Loop 303 corridor, with a total capitalization of $31 million and a targeted completion date of August 2026. The project team includes FCL Builders as general contractor, Ware Malcomb as architect and civil engineer, and Colliers as leasing broker.
The two buildings are differentiated by scale and user profile. Building 1, at 98,060 square feet, targets multi-tenant occupancy from four to six users and delivers 28-foot clear heights and 5,000 amps of total power — specifications that accommodate a broad range of light industrial, logistics support, and specialty manufacturing operators. Building 2, at 39,226 square feet, offers 24-foot clear heights and 2,500 amps and distinguishes itself through pre-built speculative office suites that are fully conditioned, lit, and connected directly to warehouse space, enabling tenants to move in without buildout delay. Suite sizes across both buildings range from 4,500 to 18,000 square feet.
Senior financing was provided by Berkeley Partners with preferred equity from Olive Point Capital; Newmark handled lender and equity placement. The project sits on 9.5 acres acquired with land advisory services from Mike Schwab of Land Advisors. Bethany Bay represents VAC and IndiCap's continued focus on supply-constrained industrial submarkets where the small-bay tenant segment — historically underserved by new speculative construction — generates durable leasing demand at above-market rents.