EQT, one of the largest private equity investors, acquired Commerce @ 303, a 663,000 square foot Class A industrial property in Glendale from New York Life Real Estate Investors and SteelWave for $104.5 million, according to the Phoenix Business Journal. Developed by SteelWave, Commerce @ 303 was completed in 2022.

The sale included more than just the building. The adjacent 32.6-acre parcel is a shovel-ready site, allowing for the development of an additional 497,234-square-foot industrial facility, enabling the construction of a nearly 1.2 million-square-foot industrial campus. EQT will begin construction of a new spec building on this development pad with an estimated delivery date of Q4 2026.

Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, including Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren, brokered the transaction.

Don’t Miss Carter Andrus, Chief Operating Officer of Prologis, as the keynote interview at Connect Industrial Midwest.— taking place Tuesday afternoon, March 10, 2026, at Joe’s Live in Rosemont, IL.