December 23, 2020
New York Life Real Estate Investors, on behalf of an institutional client, and fellow San Francisco-headquartered SteelWave acquired a 74-acre industrial site in Glendale. The pair plan to develop Commerce @ 303, a 1.1-million-square-foot Class A industrial project.
SteelWave’s Barry DiRaimondo says, “We are very excited to re-enter the Phoenix industrial market after a long hiatus. Joined by one of our long-time development partners, Commerce @ 303 provides us with a great opportunity to provide a ground-up state-of-the-art facility in a strategic location that will meet all the essential needs of today’s industrial users.”
Alsup 303 Industrial Park, LLC sold the land at West Camelback and Alsup road for roughly $14.4 million. Constructed on a speculative basis, Commerce @ 303 includes two buildings of 663,367 square feet and 497,747 square feet respectively and is expected to deliver in 2021.
Cushman & Wakefield’s Andy Markham, Mike Haenel and Phil Haenel represented the buyer and were also retained to handle leasing.
For comments, questions or concerns, please contact Dennis Kaiser