San Francisco-based commercial real estate firm SteelWave, along with New York Life Real Estate Investors, bought 74 acres of land in Glendale to develop a two-building industrial park that will total more than 1 million square feet.
The companies bought the land for $14.4 million from Alsup 303 Industrial Park LLC. The two-building park, called Commerce @ 303, will be built speculatively, and it is expected to deliver in 2021. The land is at the northeast corner of Camelback and Alsup roads. The first building will be 663,367 square feet and the second will be 497,747 square feet.
Andy Markham, Mike Haenel and Phil Haenel with Cushman & Wakefield Phoenix represented the buyer in the transaction and will be the leasing brokers for the new development.
“We are very excited to reenter the Phoenix industrial market after a long hiatus,” Barry DiRaimondo, CEO of SteelWave said in a statement. “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.”