Greater Phoenix In Business Magazine covered the groundbreaking of Bethany Bay, a $31 million Class-A shallow-bay industrial project co-developed by VAC Development and IndiCap along the Loop 303 corridor in Glendale, Arizona. The two-building, 136,800-square-foot development at 16380 and 16840 West Bethany Home Road broke ground in October 2025 and is scheduled for delivery in August 2026. The project targets the West Valley's small-to-mid-size industrial tenant segment, offering suite sizes between 4,500 and 18,000 square feet — a configuration that has been largely absent from the submarket's new construction pipeline.
Capital markets have historically favored large-scale logistics buildings, leaving smaller industrial users — the vendors, fabricators, and service providers that support the region's distribution and manufacturing ecosystem — with limited access to new, institutionally finished space. Bethany Bay was structured to address that gap directly. Building 1, at 98,060 square feet, delivers 28-foot clear heights and 5,000 amps of power configured for four to six users. Building 2, at 39,226 square feet, offers 24-foot clear heights and pre-built speculative office suites that include HVAC, lighting, restrooms, and direct warehouse connections.
Berkeley Partners provided senior financing, with Olive Point Capital contributing preferred equity. Newmark arranged lender and equity placement. FCL Builders is general contractor and Ware Malcomb is architect and civil engineer. Mike Schwab of Land Advisors advised on the land acquisition. Colliers is handling leasing. The Loop 303 submarket has attracted significant institutional industrial development in recent years, but Bethany Bay's small-bay focus distinguishes it from the bulk and big-box product that has characterized most of that activity.