Phoenix-based real estate development firm Merit Partners, along with First Industrial Realty Trust and Diamond Realty Investments, has broken ground on Phase One of its latest project.
Dubbed “C|303,” the development will occupy a substantial one mile of freeway frontage on the Loop 303 in Glendale, and will be a Class A modern industrial logistics park situated in the in Loop 303’s industrial corridor.
Phase One of C|303 spans almost 113 acres and more than 1.75 million square feet at the northwest corner of Loop 303 and Camelback Road. Construction on Phase One begins this month and includes three buildings totaling 375,660 square feet.
Building A will be 375,660 square feet, Building B will be 420,536 square feet, and Building C is slated for 958,847. Building C is slated for completion by July 2023, with the other two buildings expected to be completed by September 2023.
Senior Managing Directors Anthony Lydon and Marc Hertzberg, and Managing Director Riley Gilbert from the Phoenix office of JLL serve as the project’s exclusive leasing brokers.
“Merit has experienced the demand for West Valley industrial product first-hand, particularly with the swift development and leasing of its nearby PV 303 industrial park,” Gilbert said. “Their ability to secure such a large parcel for C|303 means that they can continue to develop state-of-the-art industrial buildings in a corridor where land availability has significantly tightened.”
C|303 Phase One reflects the development’s modern design, with features such as 40-foot clear height, up to 70-foot speed bays and 8-inch reinforced floors. Phase Two will offer an additional 1.4 million square feet of future speculative development, or is available now for build-to-suit opportunities.
Stevens-Leinweber Construction serves as the Phase One general contractor. Butler Design Group is the Phase One architect.
The C|303 is served by full-diamond Loop 303 interchanges at Camelback and Bethany Home roads. It is four miles from Interstate 10 and 2-and-a-half miles from Northern Parkway, an I-10 reliever expressway providing workforce connectivity between the Loop 303, Central Phoenix and Glendale.
Additionally, the new logistics park is 30 minutes from Sky Harbor Airport and less than a four-hour drive from the Inland Empire in Southern California, providing proximity to the ports of Los Angeles and Long Beach. Locally, tenants at C|303 will have access to more than five million residents within 30 minutes.
The site is Foreign Trade Zone capable, and will sit within a slew of corporate users including Best Buy, Dick’s Sporting Goods, Mlily, REI, Sub-Zero, UPS, White Claw, Williams Sonoma and XPO Logistics.
JLL projects the Loop 303 corridor to grow to more than 50 million square feet of industrial space within the next five years, supported by sectors including e-commerce, manufacturing, food and beverage, and third-party logistics.
“Requirements for industrial space have become increasingly sophisticated, but C|303 has anticipated those needs,” said Merit Partners President Kevin Czerwinski. “Its diversity of buildings and connectivity will support cutting-edge logistics and supply chain users. These are exciting opportunities in the Loop 303 corridor that underscore the depth and breadth of our market.”