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Hines and Oaktree Capital Management Acquire AZ Land for Spec Industrial Project

3/18/20

Hines and Oaktree Capital Management L.P. have acquired land in Glendale, AZ for the future development of two spec industrial buildings, each 569.5k sf in size. The project, located just off of Loop 303 between Glendale Ave and Bethany Home Rd, will be known as G303 short for Glendale 303.

G303 will be a two-phase, state-of-the-art industrial/logistics park, whose first phase will consist of the first facility, featuring 40 clear height and 50 by 56 column spacing with 60 speed bays. It will include 80 dock-high loading doors (with 200-foot truck courts), along with the ability to accommodate more than 600 car parking stalls within Phase I.

G303 is the only cross dock building in the 500k sf 600k sf size range out of existing inventory, under construction buildings, or permit ready buildings. The project is expandable to a single, 1.2 msf building if needed to meet a major tenant requirement.

The purchase of the G303 land adds to the recent flurry of activity Hines has experienced in Phoenix. After entering the Phoenix industrial market in 2016 with two acquisitions, Hines closed on the sales of those properties Goodyear Crossing II and Southwest Industrial Center. Located in Goodyear, Goodyear Crossing II was an acquisition of an 820.4k sf building fully leased to Amazon that Hines sold earlier this year.

Hines acquired Southwest Industrial Center at the hard corner of Buckeye and 75th Ave, in the heart of the Southwest Valley industrial submarket, off market in 2016. The acquisition included a 684k sf, cross dock building as well as a 32-acre development parcel. Hines developed two buildings on the 32-acre parcel, totaling 570k sf, which were sold earlier this year and are 100% leased.

G303 is being designed by Ware Malcomb. The buildings will feature a sleek, distinctive design while also providing tenants with functional and efficient floor space, all within a controlled business park setting. G303 is set to break ground in July of this year and delivery is scheduled for first quarter 2021.

G303 is exclusively represented for leasing by Marc Hertzberg, Tony Lydon, Bill Honsaker and John Lydon of JLL.




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