Goodyear continues to grow with increase in commercial property sales

Goodyear has seen a massive spike in commercial property sales in recent months, exemplifying investors’ interest in the city as a location for business expansion.

For example, Stark Enterprises purchased the Estrella Falls shopping center for $49 million and Dhir Capital purchased Goodyear Central Marketplace for $7 million last month. These are just two among many city developments in the past few months.

When asked why business and developers are turning to Goodyear for expansion, Goodyear Economic Development Project Manager Harry Paxton explained, “One of the things that consistently proves out for us is that when people come out here, they evaluate things — they evaluate the land, the workforce, etc. But especially, they go into an in-depth analysis of the workforce, and there are always positive results about it. Goodyear has a lot of people and a lot of strong workers, which catches businesses’ attention.”

In fact, the city has proven this over the past few years – since 2015, Goodyear has created 3,000 new jobs for the state economy and has generated $740 million in capital investment. Paxton explains that although most of these jobs are industrial, they have seen progressive growth in various industries. For instance, healthcare is a rapidly expanding industry, shown by Adelante Health Care’s development of a 44,730-square-foot facility near Litchfield and McDowell Road last month.

Paxton also cited the development of Arizona’s infrastructure as a factor in job growth. He stated, “One thing that certainly helped us was the development of the 303 I-10 Corridor intersection in 2014 and its most recent expansion this year. Because of this, we saw a large increase in our workforce. That 20-minute commute is much better for Goodyear citizens, and those Central Valley businesses can start reaching out to those employees because they’re not as far.”

Goodyear is also a hot commodity for developers because of the abundance of available land. Paxton noted that although commercial property sales have jumped, they are nowhere close to having a shortage of land. He continues, “We certainly have a significant amount of space that could work for office development, commerce, or retail, across the I-10 corridor. There are many spots available for development around Litchfield right around the freeway or in that general area. We aren’t worried about running out of land, but it certainly needs to be managed properly.”

Mayor Georgia Lord expressed her excitement for the future of the Goodyear, stating, “It is an exciting time for the city of Goodyear. The continued interest from businesses and developers proves that they have the same confidence in the future of Goodyear as I do!”

Lord is correct — as businesses look for cheaper land to expand, they will continue to turn to Goodyear. Not only does the city have an abundance of land, it also has a capable and eager workforce. At the end of the day, as Goodyear burgeons, so will Arizona’s economy.

Ben Norman

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