Formation Interests and Crescent Real Estate Expand Goodyear Industrial Park to Nearly 689k SF

• Formation Interests and Crescent Real Estate LLC broke ground on Phase II of Formation Park 10, a three-building, 261,168-square-foot industrial expansion located at the intersection of Bullard Avenue and Celebrate Life Way in Goodyear, Arizona.
• The expansion will bring Formation Park 10 to nearly 689,000 square feet across five buildings on 44 acres, offering both large single-tenant spaces and flexible units as small as 15,000 square feet.
• Formation Interests executives Mike Gilbert and Adam Herrin say the project reflects strong demand for quality industrial space along the I-10 corridor and marks the company's third development in the Phoenix metro area.

A New Phase Takes Shape Along the I-10 Corridor

Formation Interests and an affiliate of Crescent Real Estate LLC have officially broken ground on Phase II of Formation Park 10, a 261,168-square-foot industrial expansion in Goodyear, Arizona. Positioned at the intersection of Bullard Avenue and Celebrate Life Way, the project benefits from direct access and visibility to Interstate 10, one of the region's busiest commercial corridors. This phase follows the successful completion of Phase I and represents the next step in building out what has become one of West Phoenix's more closely watched industrial parks. Once complete, the two phases combined will bring Formation Park 10 to nearly 689,000 square feet of industrial space spread across five buildings on 44 acres.

Designed for a Range of Business Sizes

One of the more distinctive elements of Phase II is its flexibility. Rather than catering only to large-scale tenants, the three-building expansion is designed to accommodate occupiers seeking 100,000 square feet or more of single-tenant space, as well as smaller businesses in need of 15,000 to 25,000 square feet. That range makes it, according to the developers, the only project in West Phoenix currently able to serve both ends of that spectrum at once. The approach is meant to complement Phase I's larger-format offerings and round out a business park capable of serving a genuinely diverse mix of tenants.

Formation Interests Leadership Weighs In

The groundbreaking comes with confidence from Formation Interests' leadership team. "We are excited to break ground on this next Phase of Formation Park 10," said Mike Gilbert of FORMATION, pointing to strong demand among smaller businesses for high-quality space along the I-10 corridor. Adam Herrin, CEO at FORMATION, echoed that enthusiasm, noting that Formation Park 10 marks the company's third project in the Phoenix metro area and reflects its growing investment in Maricopa County's expanding industrial market. Together, their comments underscore Formation Interests' broader strategy of deepening its footprint in fast-growing Southwest submarkets.

Project Team and Timeline

Phase II's design team includes Deutsch Architecture Group, Kimley Horn and RVI, with Willmeng serving as general contractor and CBRE overseeing leasing for the project. Construction is expected to wrap up in spring 2027. Formation Park 10 is already considered Formation Interests' flagship Arizona development, having picked up multiple award nominations for its design and its first-of-its-kind amenity park anchoring both phases. The expansion adds to Formation Interests' broader portfolio, which has topped $1.3 billion in developed or under-construction projects across the Southwest over the past seven years.