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| Courtney Schneider |
GLENDALE,
AZ – The Southwest Division of Graycor Construction Company has
been selected as the general contractor for Phase I of Glendale 303 (G303),
a Class A industrial development that, at build-out, will total up to 1.2
million square feet along the booming Loop 303 corridor in Glendale, Arizona.
G303
is being developed by international real estate firm Hines and funds managed by
Oaktree Capital Management LP (Oaktree). The industrial park will be
constructed in two phases, with two buildings each totaling 569,520 square
feet.
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| Todd Ostransky |
To meet the space needs of a major tenant,
G303 has the flexibility to transform into a single, 1.2 million-square-foot
building.
As
the Phase I general contractor, Graycor will manage grading for the full
project site and build G303’s first 569,520-square-foot building. The company
will begin construction for Phase I on time this July, and complete during the
first quarter of 2021.
“Demand
for freeway-fronting, logistics-focused product remains at an all-time high in
Phoenix and across the U.S.,” said Todd Ostransky, Graycor Construction
Company Vice President of the Southwest Division.
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| Bill Honsaker |
“G303
is being built to meet that demand head on, with the amenities that tenants
need now to satisfy exponential e-commerce and distribution activity. We are
honored to have been chosen by Hines and Oaktree to build out that vision.”
“Hines
is excited about partnering with Graycor on the first phase of our latest
development in the Phoenix metro area, which will deliver in March of 2021 with
the highest standards of design and quality,” said Courtney Schneider,
Director at Hines who oversees industrial development for Arizona and
Colorado.
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| John Lydon |
Located
immediately off the Loop 303 freeway between Glendale Avenue and Bethany Home
Road, G303 will offer 40-foot clear height, 60-foot speed bays and 80 dock-high
loading doors within highly functional footprints and with a sleek exterior
design. Phase I alone will be able to accommodate more than 550 cars.
The
architect for G303 is Ware Malcomb. JLL Managing Director Bill Honsaker and
Vice President John Lydon and are the project’s exclusive leasing
brokers.
“Arizona’s
affordability and our strong employment pool make us a prime location for
businesses who are looking for high-quality industrial options with a
comparatively low cost of doing business,” said Honsaker.
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| Aerial of planned two-phase Graycor-Hines industrial park, Glendale, AZ |
“That
combination, along with modern, move-in-ready projects like G303, will keep us
extremely competitive as we move through – and recover from – a COVID-19
economy.”
According
to the latest JLL Industrial Insight report, the metro Phoenix industrial
market closed out first quarter 2020 with a 6.7 percent vacancy rate – the
lowest recorded since 2008 – with the Southwest Valley submarket accounting for
75 percent of the market’s total absorption for warehouse and distribution
space.
CONTACT:
Stacey
Hershauer
P 480.600.0195
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