IndiCap, a commercial real estate firm specializing in industrial investment and development across the Southwest U.S., and VAC Development, a real estate investment and operating company, have partnered with Mar-Gulf Management Inc. (“Mar-Gulf”), the international real estate subsidiary of Kuwait Financial Centre K.P.S.C. (“Markaz”), and MDI Capital, LLC (“MDI”), the subsidiary of Mar-Gulf, to break ground on Chandler Bay, a new Class A shallow bay industrial project in Chandler, Arizona. The project’s groundbreaking event took place on Tuesday, April 14, and included project partners, city officials, and other stakeholders.
Located at 1820 E. Germann Road at the northwest corner of Germann Road and Cooper Road, the $25.3 million development will bring highly flexible industrial space to one of the Southeast Valley’s most active industrial corridors.
The project marks the second joint venture between IndiCap and VAC Development, following the successful launch of Bethany Bay in Glendale in 2025. Designed to serve small to mid-sized industrial users, Chandler Bay will offer modern, power-equipped space with convenient freeway access and flexible suite configurations…