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CRG Expands Industrial Platform into PHX with 5.5M-SF Glendale Development
Chicago-based Clayco’s development and investment arm, CRG, acquired roughly 260 acres in Glendale for $35 million, according to Vizzda. The JV with Phoenix-based Bird Dog Industrial plans to develop The Cubes at Glendale, a 335-acre industrial park featuring 5.5 million square feet at Reems Road and Northern Avenue.
CRG’s Shawn Clark says of the company’s first development in the Southwest, “We’ve watched Phoenix closely, waiting for the right opportunity to expand our platform here. This site gives us a unique competitive advantage in the market to offer next generation facilities at a quality and size that we expect will get the attention of several national users.”
The largest portion of the overall West Valley land assemblage was sold by Reems Ranch LLC. A second parcel is expected to close in Q2. Construction is slated to commence in March on a 1.2-million-square-foot speculative warehouse.
JLL’s John Lydon represented CRG in the land acquisition and JLL’s Tony Lydon represented the seller.
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