JLL Capital Markets announced today that it has arranged joint venture equity on behalf of Hines for the development of Cactus 303, a three-building, 572,282-square-foot Class A industrial project in Surprise, Arizona. The shovel-ready development sits on 36.8 acres along Cactus Road in the highly sought-after Loop-303 corridor of West Valley Phoenix.
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Cactus 303 comprises three individually parceled, stand-alone buildings featuring two rear-load facilities and one cross-dock building. The development offers clear heights ranging from 32 feet to 36 feet, ESFR sprinkler systems, 144 dock-high doors, eight grade-level doors and 61 trailer parking stalls. Building depths span from 210 feet for the rear-load configurations to 370 feet for the cross-dock building, providing flexibility to accommodate diverse industrial users.
The property’s location delivers immediate access to Loop-303, providing connectivity to greater Metro Phoenix via Interstate 10, Interstate 17 and Northern Parkway. Major ports including the Port of Long Beach and Port of Los Angeles are accessible within six hours, while Phoenix Sky Harbor International Airport sits 34 miles from the site. The development is located near Village at Prasada, an open-air lifestyle center spanning more than one million square feet, as well as recently developed retail including In-N-Out, Slim Chickens, Discount Tire, Sherwin Williams and Desert Financial.
The JLL team was led by Capital Markets President Kevin MacKenzie, Director Jarrod Howard, Associate Frank Choumas and Senior Analyst Lilley Kroll. JLL’s Vice Chairman Riley Gilbert and Senior Managing Director John Lydon led the land sale transaction and lead the leasing assignment for the project.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
