Construction is underway on a new industrial development in Glendale. Barclay Group and W.M. Grace Companies recently broke ground on 303 Logistics, a new 350,000-square-foot speculative industrial development on the Loop 303 freeway. Here is more on Glendale’s latest Class A industrial project.
According to a recent report, 303 Logistics will be a 349,663-square-foot Class A industrial building at the corner of Loop 303 and Glendale Avenue. As part of the Loop 303 corridor, the new space is located within one of the country’s fastest-growing industrial corridors.
303 Logistics will be a cross-dock facility with modern amenities including 36′ clear height, 75 dock high and 4-grade level doors, 52′ x 50′ column spacing to accommodate state-of-the-art automated equipment, R-30 roof insulation, and an ESFR sprinkler system, and clerestory windows to maximize natural light.
According to a recent article, the site offers “reinforced concrete truck courts, 89 trailer parking spaces and is expandable to 297 auto parking spaces on a fully gated and secure site.” The location is immediately accessible to Loop 303 and “is 30 minutes from Sky Harbor International Airport and two minutes from both I-10 and the new Northern Parkway.” 303 Logistics tenants will be able to access “Southern California’s Inland Empire in less than four hours and the ports of Los Angeles and Long Beach in approximately five to six hours.”
Barclay Group Executive Vice President Colby Fincham commented that “303 Logistics was designed with the infrastructure and amenities to support the market’s most active industrial users, including e-commerce, third-party logistics, manufacturing and food, and beverage.”
According to reports, the ” project will be Foreign Trade Zone capable, offering up to 72 percent reduction in both real and personal (equipment) property tax, duty deferral or elimination, and reduced customs reporting entries.”
303 Logistics is close to REI, Ball Manufacturing, UPS, XPO/Boeing, Ferrero, and Sub-Zero.
303 Logistics is not likely to remain vacant. Demand for industrial space in the area is high and is expected to increase. Some estimate that industrial logistics space in the Loop 303 corridor in Glendale and Goodyear will grow by more than 200%, from 15 million square feet to 50 million square feet in the next five to six years. As the Loop 303 Corridor continues to attract more corporate interest, industrial properties will be premium.
The project completion date for the 303 Logistics project is expected to be during the second quarter of 2021.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you need at every stage of your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.