Cresset Real Estate Partners and Clarius Partners have completed the purchase of land for the development of 303 Crossroads project in Glendale, Arizona, the US.
The 98-acre project is a 1,758,410ft2 logistics development on land fronting Loop 303 and Northern Parkway in Glendale.
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It includes construction of two buildings in two phases, one will be a 1,023,610ft2 building and the other will be 734,800ft2.
Cresset Partners stated that the industrial project will be constructed to modern design standards and will target warehousing, e-commerce and distribution users.
Cresset Partners director Dominic DeRose said: “The Phoenix industrial market has continued to see high levels of growth, with more than six million square feet of absorption through the second quarter of 2021. The bulk of this activity has occurred in the Southwest Valley.
“This market’s population growth and the relatively low existing inventory of modern big-box industrial buildings has created a significant opportunity for developments of this type.”
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By GlobalDataConstruction work on the project is scheduled to commence in October this year. The first building is planned to be completed in 2022 and the second building is expected to be completed in 2023.
Clarius Partners senior vice-president Mark Balcius said: “This project will enable the partnership to expand its footprint of Class A – Industrial space in the rapidly growing West Phoenix/Loop 303 market.
“The project team of Butler Design Group, Hunter Engineering, Layton Construction and representation by CBRE, along with the support of the City of Glendale and Epcor, have advanced the project rapidly to enable late 2021 construction commencement.”
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Rendering of 303 Crossroads in Glendale, Arizona, the US. Credit: Cresset Partners/ PRNewswire.
