Located at the Northeast corner of W Camelback and Alsup road, the land traded for approximately $14.4 million. The seller was Alsup 303 Industrial Park, LLC.
SteelWave along with New York Life Real Estate Investors plans to develop a brand new more than 1 million-square-foot Class A industrial project known as Commerce @ 303 that will consist of two buildings of 663,367 sf (Building 1) and 497,747 sf (Building 2). Constructed on a speculative basis, Commerce @ 303 is expected to deliver in 2021.
The team of Andy Markham, Mike Haenel and Phil Haenel with Cushman & Wakefield Phoenix represented the buyer in the transaction and were also retained to perform Project Leasing Services for the new development.
Barry DiRaimondo, Chief Executive Officer, SteelWave said, “We are very excited to re-enter the Phoenix industrial market after a long hiatus. Joined by one of our long-time development partners, Commerce @ 303 provides us with a great opportunity to provide a ground-up state-of-the-art facility in a strategic location that will meet all the essential needs of today’s industrial users.”
“We are thrilled to be part of this transaction and to market this premier project delivering exceptionally high-quality industrial and logistics product,” said Andy Markham, Executive Managing Director. “The Southwest Valley is one of the most desired industrial locations in the Phoenix Metro due to the logistical and transportation ease surrounded by freeways & interstates, and with most of the Western US Region’s major metro hubs reachable within a half-day drive or less.”
Mike Haenel, Executive Managing Director, added, “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.”
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.