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.