Formation Interests and Crescent Real Estate LLC Break Ground on 261,000-Square-Foot Phase II Expansion of Formation Park 10 in Goodyear, Arizona

GOODYEAR, Ariz., July 29, 2026 /PRNewswire/ -- A venture between Formation Interests ("FORMATION") and an affiliate of Crescent Real Estate LLC has broken ground on Phase II of Formation Park 10, a 261,168 square foot industrial development in Goodyear, Arizona. The three-building expansion follows the successful completion of Phase I and will bring Formation Park 10 to nearly 689,000 square feet of industrial space across five buildings on 44 acres.

The Project is located at the intersection of Bullard Avenue and Celebrate Life Way, with direct access and visibility to Interstate 10. Phase II is uniquely designed and the only project in West Phoenix to accommodate occupiers seeking 100,000 square feet (or more) of single-tenant space and those requiring flexible space from 15,000 to 25,000 square feet.

"We are excited to break ground on this next Phase of Formation Park 10. There is a very large amount of smaller businesses that need high quality space here along the I-10 corridor and there are limited options. Phase II of Formation Park 10 was designed to accommodate a large swath of business sizes," says FORMATION's Mike Gilbert.

Designed to complement Phase I's larger-format industrial offerings, Phase II completes FORMATION's vision for a thoughtful, mixed-use business park that serves a diverse range of occupiers. Together, the two phases are anchored by a first-of-its-kind amenity park, reflecting FORMATION's distinctive approach to industrial development.

"This will be FORMATION's third project in the Phoenix Metro area and we could not be more excited to expand our investment in this market. We are amazed with the growth that is happening in Maricopa County", says Adam Herrin CEO at FORMATION.

Phase II is designed by Deutsch Architecture Group, Kimley Horn and RVI. Willmeng is the general contractor and CBRE is overseeing leasing for the project. Construction is expected to be completed in Spring 2027. Formation Park 10 represents FORMATION's flagship development in Arizona and has been recognized with multiple award nominations for its unique design and first-of-its-kind amenities. The project is part of the company's continued commitment to investing and developing thoughtful, high-quality industrial and business park environments throughout the Southwest.

ABOUT FORMATION INTERESTS

Formation Interests is a development and investment company based in Dallas, Texas, with a regional office in Phoenix, Arizona. In the last 7 years, Formation has developed or is under construction on over $1.3 billion worth of new development. With a thematic-based strategy, Formation Interests acquires and develops investments throughout the Southwest United States. Its thoughtful methods and experienced leadership provide a unique investment approach that makes a positive impact in its communities and strong economic results. For more information on FORMATION, visit https://formation-interests.com/.

About Crescent Real Estate LLC
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff. Through the GP Invitation Funds, Crescent acquires, develops and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent's premier real estate portfolio consists of Class A, creative office and life sciences, multifamily, hospitality, industrial, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas. For more information, visit www.crescent.com.

SOURCE Crescent Real Estate