While many of the New Frontier annexations are still in early phases, another one is ready to begin construction.
The G303 project, called West 303 during annexation, is near Glendale Avenue and West Alsup Road on the east side of Loop 303.
Construction on the 1 million-square-foot facility is scheduled to begin this month “along the booming Loop 303 corridor in Glendale,” according to a Graycor Construction press release.
The first of two planned buildings is expected to be completed in early 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 vice president.
“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.”
According to the release, G303 will have 40-foot-high bays, able to accommodate more than 550 cars.
The developer, Hines Global REIT, knows the West Valley, as in 2016 Hines acquired Goodyear Crossing II, a similar-sized Class A fulfillment center.
Despite the COVID-19 pandemic, demand for industrial space is high.
The G303 press release cited a JLL Industrial Insight report, which said the metro Phoenix industrial market closed out first quarter 2020 with a 6.7% vacancy rate—the lowest since 2008—with the West Valley accounting for 75% of the market’s warehouse and distribution space.