Construction has begun on an 897,315-square-foot, two-building industrial development in Glendale, called Latitude 303 Logistics.
The project is located on about 55 acres near the southeast corner of Loop 303 and Glendale Avenue. The project is being developed as a joint venture between McKinney Investments, Westport Capital Partners and AEW.
The park will include one 742,693-square-foot building and one 154,622-square-foot building, and they are designed to cater to tenants occupying between 50,000 square feet, up to the full 742,693 square feet of the larger building. The work is expected to be completed in the first quarter of 2022.
Dan Calihan, Rusty Kennedy, James Cohn and Pat Feeney of CBRE will be the leasing brokers for the project.
“We are excited to work with McKinney Investments, Westport Capital Partners and AEW on this technologically advanced project, which was designed with great attention to detail in both design and functionality,” Kennedy said in a statement. “Situated within the most sought-after industrial corridor in the Valley, Latitude 303 Logistics will guarantee tenants unmatched access to the West Valley and metro Phoenix’s deep bench of high-quality, skilled labor.”
The industrial real estate pipeline in the Phoenix area continues to grow at a record-breaking pace.
About 19.5 million square feet of industrial space broke ground in the Valley in the first half of the year, with the lion’s share of the development taking place in Glendale and Goodyear. According to CoStar data, 11 million square feet of industrial space is under construction in Glendale.