On behalf of full-service real estate investor and developer Echo Real Estate Capital, the Phoenix Office of JLL has signed logistics specialist Axle on Demand to a 126,075-square-foot pre-lease at Echo Park 303 in Glendale, Arizona. The transaction represents Axle on Demand’s sixth metro Phoenix location and fills more than half of Echo Park 303’s Building A almost four months before the anticipated completion of the Class A industrial project.
Echo Park 303 is Echo Real Estate Capital’s first metro Phoenix industrial development. The 676,336-square-foot project totals two buildings on approximately 40 acres at 9501 and 9701 N. 151st Avenue. It is located within Woolf Logistics Center, minutes from the Loop 303 and Northern Parkway.
“We are huge proponents of the Phoenix market and excited to be nearing completion on our first industrial development here,” said Echo Real Estate Capital Principal Jon Boyajian. “We are equally pleased to welcome Axle on Demand, who like us is looking to grow in this strategic industrial hub. Signing this pre-lease months before project completion has us optimistic for the future of Echo Park 303 and the tenant synergy we will create here. We are grateful to JLL and the entire project team for this ongoing success.”
With its new lease, Axle on Demand will occupy approximately 55% of Echo Park 303’s Building A, which it will use for third party logistics services spanning warehousing, fulfilment and IT operations. Building A totals 220,240 square feet with a rear-load configuration. It features 32’ clear height, 135’ secured concrete truck court, 3,000 amps of power and 3,100-square-foot spec office suite.
Anthony Lydon, John Lydon and Kelly Royle of JLL represented Echo Real Estate Capital in the pre-lease transaction. John Grady with CBRE represented Axle on Demand.
“Between 2021 and 2022, metro Phoenix industrial demand grew by more than 56 percent,” said John Lydon. “That growth was spurred in part by logistics and parcel delivery – a sector that tenants like Axle on Demand and projects like Echo Park 303 make happen. Each of these companies reflect the ongoing potential of our market.”
Also under construction is Echo Park 303 Building B, a 455,936-square-foot, Class A cross-dock warehouse featuring 40’ clear height, 185’ secured concrete truck court, 6,000 amps of power and 3,850-square-foot spec office suite. Building B is available for a single tenant or divisible to 225,000 square feet for multi-tenant use. Both buildings are slated for completion in September 2023.
Additional features at Echo Park 303 include 163 dock-high and six grade-level doors, 743 parking spaces and 120 trailer spaces in gated yards, electric vehicle charging stations, two-story storefront windows, 60’ speed bays, 7” reinforced slab, ESFR fire sprinklers and PAD zoning.
Since its establishment in 2016, Echo Real Estate Capital has completed more than $500 million in acquisition and development activity in eight states. The Chicago-based company specializes in build-to-suit development, value-add investments, sale/leasebacks and capital markets advisory services.