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September 19, 2020
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Merit Partners, First Industrial Realty Trust Inc and Diamond Realty Investments Team Up for 611-Acre AZ Industrial Project


Camelback 303 – a $1.5 bil global logistics park being developed in a joint venture between Merit Partners, First Industrial Realty Trust Inc and Diamond Realty Investments in Glendale, AZ – will soon begin to take shape in metro Phoenix’s fastest growing industrial submarket. The site covers 611 acres along the Loop 303 corridor.

At completion, the park will accommodate approximately 9 msf to 10 msf of Class A industrial distribution and manufacturing space, making it the largest freeway-fronting industrial employment site in Arizona. Camelback 303 will offer build-to-suit opportunities and spec development.

Camelback 303 sits along the west side of Loop 303, offering extensive freeway frontage between the Camelback Rd and Bethany Home Rd interchanges. With ample land and multiple access points along Camelback Rd, Cotton Lane and Bethany Home Rd, the site provides the physical and logistical advantages to serve tenants ranging from mid-size users to the region’s largest industrial operators.

Camelback 303 is a sub-four-hour-drive from Southern California’s Inland Empire submarket and will leverage its proximity to the ports of Los Angeles and Long Beach. It is less than 30 minutes from Sky Harbor International Airport and 2.5 miles from the new Northern Parkway, a four-lane I-10 reliever expressway providing workforce connectivity between the Loop 303, Central Phoenix and Glendale, and placing Camelback 303 within 30 minutes of 1.5 million residents.

With these advantages, the Loop 303 corridor is projected to grow from a 15 msf industrial submarket to more than 50 msf of industrial space within the next five to six years – with major users in the e-commerce, manufacturing, food and beverage, and third-party logistics companies. Reflecting this trend, corporate employers nearby include UPS, XPO/Boeing, Ferrero, Ball Manufacturing, Sub-Zero and REI.

Anthony Lydon, Marc Hertzberg and Riley Gilbert with represented the buyer in the land buy for this project.

“The Loop 303 corridor continues to grow in strength and prominence as a preferred logistics home for a range of businesses in the Phoenix region,” noted Johannson Yap, Chief Investment Officer for First Industrial Realty Trust.

According to the Q2 JLL Phoenix Industrial Insights report, Valley industrial rents are on the rise and absorption is up 39 percent from this time last year, marking the 28th straight quarter of positive absorption with no sign of slowing. Nationally, JLL reports that demand for U.S. industrial real estate could increase by 1 bsf in the next five years.

“The ecommerce industry alone has grown by 35% this year, compared to just 14% and 15% in recent years,” said Lydon. “Sustaining this kind of consumer demand requires a massive uptick in logistical support from projects just like Camelback 303. The delivery of shovel-ready corporates sites is timely.”

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