Connect Media > Phoenix & Southwest News > Phoenix > NY Life, SteelWave Grab 74-Acre Glendale Site for 1.1M-SF Spec Development

December 23, 2020 Comments Off on NY Life, SteelWave Grab 74-Acre Glendale Site for 1.1M-SF Spec Development Views: 794 Phoenix, Phoenix & Southwest News, Top Phoenix

NY Life, SteelWave Grab 74-Acre Glendale Site for 1.1M-SF Spec Development

Order Reprints...

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.

Connect With SteelWave’s DiRaimondo

Connect With New York Life Real Estate Investors

Connect With Cushman & Wakefield’s Markham


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , ,

Comments are closed.