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| Anthony Lydon |
GLENDALE,
AZ – Camelback 303 – a $1.5 billion global
logistics park being developed in joint venture by Merit Partners, First
Industrial Realty Trust Inc. and Diamond Realty Investments in Glendale,
Arizona – will soon begin to take shape in metro Phoenix’s fastest growing
industrial submarket.
At
completion, the park will accommodate approximately 9 to 10 million square feet
of Class A industrial distribution and manufacturing space, making it the
largest freeway-fronting industrial employment site in Arizona.
Managing
Directors Anthony Lydon and Marc Hertzberg, and Senior Vice
President Riley Gilbert, from the Phoenix Office of JLL brokered
the 611-acre land purchase on behalf of the development team.
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| Marc Hertzberg |
“Glendale’s
‘New Frontier,’ located on the Loop 303 corridor, is quickly becoming the
backbone in Arizona’s industrial market and we are thrilled to welcome
Camelback 303 into this area,” said Glendale Mayor Jerry P. Weiers.
“The
addition of this development is another example of Glendale’s commitment to
growth. Merit Partners has successfully completed several projects in Glendale
and this new deal is a true testament to the importance of relationships in
bringing more jobs and state-of-the-art facilities to the West Valley.”
“We
are extremely excited to be building at this location and at a point in the
cycle where demand for Class A industrial is exponential – and expected to
continue to rise in the years ahead,” said Merit Partners President Kevin
Czerwinski.
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| Riley Gilbert |
“Camelback
303 is the natural extension of the market success we’ve already experienced at
our adjacent industrial park, PV 303. Camelback 303 allows us to continue that
momentum.”
“The
Loop 303 corridor continues to grow in strength and prominence as a preferred
logistics home for a range of businesses in the Phoenix region,” said Johannson
Yap, Chief Investment Officer for First Industrial Realty Trust.
“We
are excited to expand our investment in the region and serve the needs of
customers through this multi-year development opportunity with our valued
partners.”
“Diamond
Realty Investments is proud to continue our trusted relationship as an equity
partner with First Industrial and Merit Partners in this Class A industrial
development in the greater Phoenix area,” said David Richards, DRI
Managing Director of Industrial Investments.
 |
| Mayor Jerry P. Weiers. |
Camelback
303 sits along the west side of Loop 303, offering extensive freeway frontage
between the Camelback Road and Bethany Home Road interchanges.
With ample land and multiple access points
along Camelback Road, Cotton Lane and Bethany Home Road, the site provides the
physical and logistical advantages to serve tenants ranging from mid-size users
to the region’s largest industrial operators.
“The
West Valley has gained a national reputation for delivering prime locations,
skilled workers and a low cost of living and doing business – all of the
benefits industrial users demand,” said Hertzberg.
According
to the Q2 JLL
Phoenix Industrial Insights report, Valley
industrial rents are on the rise and absorption is up 39 percent from this time
last year, marking the 28th straight quarter of positive
absorption with no sign of slowing.
 |
| David Richards |
“The
ecommerce industry alone has grown by 35 percent this year, compared to just 14
and 15 percent in recent years,” said Lydon. “Sustaining this kind of consumer
demand requires a massive uptick in logistical support from projects just like
Camelback 303. The delivery of shovel-ready corporates sites is timely.”
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| Kevin Czerwinski |
It
is less than 30 minutes from Sky Harbor International Airport and 2.5 miles
from the new Northern Parkway, a four-lane I-10 reliever expressway providing
workforce connectivity between the Loop 303, Central Phoenix and Glendale, and
placing Camelback 303 within 30 minutes of 1.5 million residents.
With
these advantages, the Loop 303 corridor is projected to grow from a 15
million-square-foot industrial submarket to more than 50 million square feet of
industrial space within the next five to six years – with major users in the
e-commerce, manufacturing, food and beverage, and third-party logistics
companies.
Reflecting
this trend, corporate employers nearby include UPS, XPO/Boeing, Ferrero, Ball
Manufacturing, Sub-Zero and REI.
Camelback
303 will offer build-to-suit opportunities and speculative development.
CONTACT:
Stacey Hershauer
Phone: +1 480 600 0195
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