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May 18, 2024
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SteelWave and New York Life Real Estate Investors Buy 74-Acre AZ Dev Site


A 74-acre industrial development site in Glendale, AZ was purchased by New York Life Real Estate Investors, on behalf of an institutional client, and SteelWave in a recent $14.4 mil transaction. The land, located at the northeast corner of W Camelback and Alsup Rd, was sold by Alsup 303 Industrial Park, LLC.

The buyers plan to develop a new 1 msf+ Class A industrial project known as Commerce @ 303 that will consist of two buildings of 663.4k sf (Building 1) and 497.7k sf (Building 2). Constructed on a speculative basis, Commerce @ 303 is expected to deliver in 2021.

Commerce @ 303 will offer great frontage on W Camelback Rd, and will feature 40-foot clear heights, an abundance of trailer storage stalls in both buildings, multiple points of ingress/egress, all-concrete truck courts, six office locations, clerestory windows and skylights, and security gates and guard shacks.

Andy Markham, Mike Haenel and Phil Haenel with Cushman & Wakefield Phoenix represented the buyer in the transaction and were also retained to handle leasing for the new development.

Haenel noted, “The Southwest Valley leads the Phoenix Metro with 4.8 msf of positive net absorption during the first three quarters of 2020, including nearly 2 msf absorbed by multinational companies. Since the completion of Loop 303, job growth in this region has increased by 40%. Furthermore, Commerce @ 303 is surrounded by numerous high-profile corporate neighbors.”

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