IndiCap and VAC Development have broken ground on Bethany Bay, a $31 million Class-A shallow-bay industrial development located at 16380 and 16840 West Bethany Home Road in Glendale, Arizona. The two-building project totals 136,800 square feet on a 9.5-acre site within the Loop 303 corridor — one of the Phoenix metropolitan area's most active industrial submarkets — with delivery targeted for August 2026. Bethany Bay marks the second joint venture between the two firms, following their collaboration on the Chandler Bay project in the Southeast Valley.
The development is structured around two purpose-built buildings serving small-to-mid-size industrial users. Building 1 spans 98,060 square feet with 28-foot clear heights and 5,000 amps of power capacity, configured to accommodate four to six tenants in suite sizes ranging from 4,500 to 18,000 square feet. Building 2 totals 39,226 square feet with 24-foot clear heights and 2,500 amps, and includes pre-built speculative office suites of 800 to 1,100 square feet — each with direct warehouse connections, HVAC, lighting, and restrooms — designed to reduce tenant move-in friction. Berkeley Partners is providing senior financing, with Olive Point Capital contributing preferred equity. Newmark arranged the debt and equity placement, Ware Malcomb is serving as architect and civil engineer, FCL Builders is general contractor, and Colliers is handling leasing. Mike Schwab of Land Advisors represented IndiCap in the land acquisition.
Bethany Bay addresses a recognized gap in the West Valley's industrial inventory. The Phoenix market's recent development cycle has skewed heavily toward large-format logistics and distribution buildings, leaving small-bay and shallow-bay tenants — particularly the ancillary vendors and service providers supporting the region's distribution and light manufacturing ecosystem — with limited options for new, institutionally finished space. The Loop 303 submarket, which has emerged as one of the country's most active industrial corridors, has seen substantial big-box development but comparatively little purpose-built small-bay product. Bethany Bay is designed to fill that gap directly.