The first speculative industrial building over 1 million square feet developed in more than three years has been fully leased before completion. VanTrust Real Estate’s VT 303 North, a 1.14 million square foot facility, is currently under construction at Northern Avenue and Reems Road in Glendale, Arizona.
“Our project partners have done an outstanding job in delivering this high-quality building to market at a time when Metro Phoenix is once again a top choice for leading corporate logistics firms,” said Keith Earnest, Executive Vice President of VanTrust Real Estate. “We continue to be very bullish on the logistics markets in Arizona, Nevada, and Southern California, and securing a full building lease at this stage of construction validates that optimism.”
VanTrust broke ground on VT 303 North in December 2025. At that time, VanTrust was the first developer in the market to begin work on a speculative industrial facility of more than 1,000,000 square feet in the past three years. Strong demand for bulk distribution facilities, coupled with a dwindling supply, made it an opportune time to commence construction.
DEEPER DIVE: Phoenix industrial market ranks No. 7 in nation
READ MORE: Sky Harbor Logistics office-to-industrial project breaks ground
Butler Design Group designed the facility, with Layton Construction serving as the general contractor. The building is conveniently situated half a mile south of Northern Parkway and 5 miles north of I-10. This location grants quick access to local, regional, and national markets, reaching over 33 million consumers within a single day’s drive. The project is scheduled for completion in December.
“VanTrust has a phenomenal team, and we appreciate their continued investment in Glendale,” said Randy Huggins, Director of Development Services for the City of Glendale.
Cooper Fratt and John Werstler of CBRE represented VanTrust in the transaction. The tenant was represented by Charlotte Elstob, Dan McGillicuddy, Kelly Royle, Marc Hertzberg, and Tony Lydon of JLL.
“The prelease at VT303 North is another testament of the highly functional, institutional-grade buildings in which VanTrust continues to develop, both locally and nationally. It also proves out the analytical approach VanTrust uses to deliver spec industrial product that meets a void in the current market as well as the needs of today’s corporate industrial user,” said Cooper Fratt, CBRE.
