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1/26/26
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EQT purchased Commerce @ 303, a 663.4k sf, Class A industrial property and adjacent entitled, shovel-ready 32.6-acre development site in Glendale, AZ. The property, located at 5215 North Alsup Rd, was sold by New York Life Real Estate Investors and SteelWave.
Built in 2022 by SteelWave, Commerce @ 303 features a state-of-the-art cross-dock industrial facility built in 2022, which is fully leased to two third-party logistics providers. The adjacent 32.6-acre parcel is a shovel-ready site, allowing for the development of an additional 497.2k sf industrial facility, enabling the construction of a nearly 1.2 msf industrial campus. EQT will begin construction of a new spec building on this development pad with an estimated delivery date of Q4 2026.
Strategically positioned just 1.1 miles from a full diamond interchange at Loop 303, Commerce @ 303 provides seamless regional and national distribution access. The asset is situated within a world-class corporate corridor, joining global leaders in what has become the Southwest’s premier logistics and manufacturing hub. Driven by the West Valley’s deep labor pool and explosive population growth, the corridor continues to see record-breaking leasing velocity and sustained tenant demand.
Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, including Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren, brokered the transaction.
"Commerce @ 303 is a rare 'best-of-both-worlds' asset. It pairs immediate, stable cash flow from credit tenants with the massive upside of a fully entitled development site," said Strong. "In a market as competitive as Phoenix, finding institutional-quality infrastructure in a location this strategic is incredibly rare. It’s a generational play in the heart of the Southwest’s most important industrial corridor."
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