Construction on 1.2 million s.f. Class A Phoenix project begins on time, this July
The Southwest Division of Graycor Construction Company has been selected as the general contractor for Phase I of Glendale 303 (G303), a Class A industrial development that, at build-out, will total up to 1.2 million square feet along the booming Loop 303 corridor in Glendale, Arizona.
G303 is being developed by international real estate firm Hines and funds managed by Oaktree Capital Management LP (Oaktree). The industrial park will be constructed in two phases, with two buildings each totaling 569,520 square feet. To meet the space needs of a major tenant, G303 has the flexibility to transform into a single, 1.2 million-square-foot building.
As the Phase I general contractor, Graycor will manage grading for the full project site and build G303’s first 569,520-square-foot building. The company will begin construction for Phase I on time this July, and complete during the first quarter of 2021.
“Demand for freeway-fronting, logistics-focused product remains at an all-time high in Phoenix and across the U.S.,” said Todd Ostransky, Graycor Construction Company Vice President of the Southwest Division. “G303 is being built to meet that demand head on, with the amenities that tenants need now to satisfy exponential e-commerce and distribution activity. We are honored to have been chosen by Hines and Oaktree to build out that vision.”
“Hines is excited about partnering with Graycor on the first phase of our latest development in the Phoenix metro area, which will deliver in March of 2021 with the highest standards of design and quality,” said Courtney Schneider, Director at Hines who oversees industrial development for Arizona and Colorado.
Located immediately off the Loop 303 freeway between Glendale Avenue and Bethany Home Road, G303 will offer 40-foot clear height, 60-foot speed bays and 80 dock-high loading doors within highly functional footprints and with a sleek exterior design. Phase I alone will be able to accommodate more than 550 cars.
The architect for G303 is Ware Malcomb. JLL Managing Director Bill Honsaker and Vice President John Lydon and are the project’s exclusive leasing brokers.
“Arizona’s affordability and our strong employment pool make us a prime location for businesses who are looking for high-quality industrial options with a comparatively low cost of doing business,” said Honsaker. “That combination, along with modern, move-in-ready projects like G303, will keep us extremely competitive as we move through – and recover from – a COVID-19 economy.”
According to the latest JLL Industrial Insight report, the metro Phoenix industrial market closed out first quarter 2020 with a 6.7 percent vacancy rate – the lowest recorded since 2008 – with the Southwest Valley submarket accounting for 75 percent of the market’s total absorption for warehouse and distribution space.
About Graycor Construction Company Inc.
Graycor Construction Company Inc. is a leader in managing building construction and interiors projects throughout North America. In Arizona, Graycor combines more than 30 years of local subcontractor and partner relationships with the company’s 99 years of national experience in the cold storage, corporate, cultural/educational, food processing, living and lodging, logistics and distribution, manufacturing and retail markets. The combination maximizes Graycor’s national presence to bring Arizona clients optimal service and product delivery. For more information, visit www.graycorconstruction.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at oaktreecapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines provides fiduciary investment management services, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.