The Cubes at Glendale, a 355-acre industrial park featuring 5.5 million square feet at the intersection of Reems Road and Northern Avenue, is under development.
The project, a joint-venture partnership with Phoenix-based Bird Dog Industrial and CRG, the real estate development and investment arm of Chicago-based Clayco, will begin construction of a 1.2 million-square-foot speculative warehouse on Monday, March 1. The firm closed on the first 260-acre parcel of land for the development, with a second expected to close in the second quarter.
“We’ve watched Phoenix closely waiting for the right opportunity to expand our platform here,” CRG president Shawn Clark stated in a news release. “This site gives us a unique competitive advantage in the market to offer next generation facilities at a quality and size that we expect will get the attention of several national users.”
CRG currently has an active pipeline of more than 25 projects valued at more than $3 billion in high barrier to entry logistics markets throughout the country. This project, which went from contract to close in 88 days, is the first of many Southwest opportunities slated for the firm, Mr. Clark said.
“Phoenix’s West Valley is a dynamic industrial market,” Bird Dog Industrial founder and president Mark Sonnenberg stated. “In addition to logistics and e-commerce fulfillment centers, the West Valley is home to large-scale manufacturers, food and beverage processors, pharmaceutical and medical supply distributors and data centers. The Cubes at Glendale was conceived with this user diversity in mind with multiple opportunities for speculative development, build-to-suits and shovel-ready lot sales.”
JLL Vice President John Lydon represented CRG in the land acquisition and JLL Managing Director Tony Lydon represented the seller. Mr. Lydon and JLL Managing Director Bill Honsaker will be handling the leasing at The Cubes at Glendale.
“We’re excited to be marketing this unique project,” Mr. Honsaker stated. “Phoenix attracted approximately 22 million square feet of industrial commitments in 2020, with around 75 percent of that activity happening in the West Valley. The Cubes at Glendale will respond to that demand with site and building flexibility and scalability, along with robust utility infrastructure that will appeal to the most sophisticated users – including operations with heavy manufacturing requirements.”
According to JLL research, the West Valley is an industrial hotspot that continues to surge due to strong labor, strategic location, business-friendly fundamentals and the accelerated demand the pandemic has placed on sectors such as e-commerce, medical supplies and food and beverage.
The Cubes at Glendale is located within the Loop 303 Corridor and near the newly-constructed Northern Parkway, providing multiple access points for trucks and employees. The project’s first development is a 1.2 million-square-foot speculative warehouse featuring 40-foot clear heights, 213 dock doors, 50-foot by 56-foot column spacing and parking capable of handling 740 car parking spaces and 470 trailer parking spaces.
CRG’s parent company Clayco will serve as the builder, while enterprise partner Lamar Johnson Collaborative is the architect for the first warehouse.
No comments on this item Please log in to comment by clicking here