CRG Enters Phoenix With 5.5 MSF Project
- Jan 18, 2021
Clayco’s CRG has partnered with Phoenix-based Bird Dog Industrial for the development of The Cubes at Glendale, a 5.5 million-square-foot, 355-acre industrial project in Glendale, Ariz., according to Commercial Executive Magazine. The joint venture plans to break ground on the project’s first phase, a 1.2 million-square-foot speculative warehouse, on March 1. Clayco will serve as general contractor and Lamar Johnson Collaborative will provide architecture services.
The Cubes at Glendale’s first building will come online on a 260-acre site south of the intersection of Reems Road and Northern Avenue, a parcel the City of Glendale annexed in September 2020. CRG acquired the development site within the Loop 303 Corridor in December for $35 million, according to Phoenix Business Journal, in a transaction brokered by JLL. A second lot is to be purchased in the second quarter of 2021.
Upon completion, the warehouse will have 40-foot clear heights, 50-foot by 56-foot column spacing and 213 dock doors. In addition, the park’s first phase will feature 740 car parking spaces and 470 trailer parking spaces. JLL’s John Lydon and Bill Honsaker will handle all leasing at the property.
The development site is some 22 miles northwest of downtown Phoenix and 13 miles west of downtown Glendale, adjacent to Luke Air Force Base, in the West Valley submarket. According to Honsaker, West Valley saw roughly 75 percent of Phoenix’s industrial commitments closed in 2020.
One of 12 Cubes
Marking CRG’s entrance in Phoenix, The Cubes at Glendale will be joining 11 other similar-branded industrial parks developed by the firm across the U.S. Components of some of these properties changed hands during 2020. In November, KKR acquired a 1 million-square-foot warehouse located within The Cubes at Bridgeport in Newnan, Ga., while Lexington Realty Trust purchased the first building at The Cubes at Inland 85 in Greer, S.C., in January, soon after its completion.
According to CommercialEdge, there were 46 industrial projects under construction across metro Phoenix as of publishing time, totaling nearly 16 million square feet. The list includes a 720,000-square-foot, three-building property Westcore is developing in Avondale, Ariz., with expected completion in the second quarter of 2021.