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303 Crossroads to Enable Industrial Expansion in Loop 303 Market
Cresset Real Estate Partners and Clarius Partners recently closed on the land acquisition for 303 Crossroads, a 1.75 million-square-foot logistics development in Glendale. The project will consist of two buildings to be built in two phases on land fronting Loop 303 and Northern Parkway.
Building one will be 1.023 million square feet and is scheduled to be completed in 2022. Building two will be 734,800 square feet and is slated for completion in 2023. Groundbreaking is scheduled for October 2021.
“The Phoenix industrial market has continued to see high levels of growth, with more than 6 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 have created a significant opportunity for developments of this type,” said Dominic DeRose, director for Cresset Real Estate Partners.
The project team includes Butler Design Group, Hunter Engineering, Layton Construction and CBRE along with the support of the city of Glendale and Epcor.
- ◦Sale/Acquisition
- ◦Development
