Cresset Real Estate Partners and Clarius Partners have closed on the land acquisition for 303 Crossroads, a 1,758,410 square foot logistics development in Glendale, Arizona.
The project will consist of two buildings to be built across two phases on land fronting Loop 303 and Northern Parkway in Glendale. Building one will be 1,023,610 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.
Both buildings will be built to stringent modern design standards and will target e-commerce, distribution, and warehousing users. Features of the buildings will include cross-dock configuration, 40-foot clear height, above-market parking ratios, and direct frontage on both Loop 303 and Northern Parkway.
“Cresset Real Estate Partners is pleased to partner with Clarius Partners on this project for a multitude of reasons. 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 has created a significant opportunity for developments of this type,” said Dominic DeRose, Director for Cresset Real Estate Partners.
“Clarius Partners is excited to announce the 303 Crossroads Industrial Project in conjunction with Cresset Real Estate Partners,” said Mark Balcius, Senior Vice President for Clarius Partners. “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.”