Financing Paves Way for Q122 Gateway 303 Completion

Financing was recently secured for MDH Partners’ Gateway 303, a two-building industrial development located within a master-planned industrial park along Phoenix’s Loop 303 corridor. Totaling more than 600,000 square feet, the speculative warehouses are expected to deliver in first quarter 2022.

CBRE’s Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn will market and lease the properties on behalf of the owner.

“The Phoenix MSA continues to outpace other metros in both economic and population growth while maintaining its affordability, and as a result, demand for class-A warehouse space is at record levels. Gateway 303 will provide the market with high-quality product, allowing the metro to continue its impressive growth,” said Matt Gregory, vice president of development at MDH Partners. “Gateway 303 grows our market presence to nearly 1 million square feet, which we look forward expanding further in the coming years.”

Building I at Gateway 303 will be a 362,000-square-foot cross-dock facility. The building’s design will appeal to a diverse mix of tenants ranging from the potential full-building user to the market’s more traditional 150,000-square-foot tenant. Building II will be a 238,000-square-foot rear-load facility. The building is designed to optimally suit the market’s smaller core tenancy of 70,000-square-foot to 120,000-square-foot tenants. Both buildings have the structural capacity to be outfitted for solar paneling as part of MDH Partners’ ESG initiative.

“As costs of development continue to rise in California, the Phoenix metro provides a tremendous opportunity for industrial and manufacturing users seeking affordability, proximity to ports, freeway access and a strong labor pool,” said Kennedy. “Gateway 303 is at the front door of what’s happening in the Valley, and as herds of new users enter the market, we look forward to partnering with MDH Partners to secure the ideal tenants for these facilities.”