A Phoenix-based developer instrumental in the Red Bull and White Claw facilities being built in the West Valley has closed on a 614-acre parcel of land in Glendale that will be the site of a $1.5 billion logistics park development.
The parcel at the southwest corner of Bethany Home Road and Loop 303 is part of the 864-acre Allen Ranches property and sold for $70.5 million. The industrial portion of the development will be called Camelback 303.
“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,” Merit Partners President Kevin Czerwinski said in a statement. “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 project will be developed as a joint venture by Merit Partners, First Industrial Realty Trust Inc. and Diamond Realty Investments.