Construction could begin sometime this summer on two speculative industrial buildings, each just under 570,000 square feet, in the growing Arizona city of Glendale.
The Houston-based real estate development giant Hines Interests Limited Partnership has purchased a 75-acre site just off of busy Arizona State Route 303, otherwise known as Loop 303, to build the two structures.
As planned, what will be an industrial and logistics park known as G303, will also include 80 loading docks, parking space for up to 600 vehicles, and 60-foot speed bays.
In a partnership, the new Class A buildings will be managed by the Oaktree Capital Management, an asset management firm based in Los Angeles.
Ware Malcomb, an architecture and planning firm based in Irvine, California, is the project designer.
In a statement, Courtney Schneider, senior director at Hines, remarked: “We are confident that not only our building size, but the direct access to Loop 303 and competitive rates will be well received in this subdivision.”
Earlier this year, Hines began work on a more than $100 million, 25-story, multifamily luxury apartment complex in downtown Phoenix.
Work on the G303 project is expected to be completed sometime early next year.
By Garry Boulard
