Hines, Oaktree acquire site to build industrial complex in Arizona, US
March 19. 2020 – US-based real estate firm Hines along with Oaktree Capital Management, an asset management firm, has acquired a 75-acre site in Glendale, Arizona to construct an industrial complex.
Located just off of Loop 303 between Glendale Avenue and Bethany Home Road, Arizona, the industrial park will be named as G303, which will include two industrial buildings, each with 569,520ft².
Ware Malcomb, an integrated design services provider, will be responsible for the design of the G303.
The project will be constructed in two phases. The first phase will comprise a 569,520ft² industrial/logistics building, which will feature 80 dock-high loading doors along with 200ft truck courts.
The building will have the capacity to accommodate over 600 car parking stalls.
Hines said that the project will feature a sleek, distinctive design and will also provide functional and efficient floor space for the tenants.
Construction on the project is scheduled to begin in July this year and is planned to be completed in the first quarter of next year.
Hines director Courtney Schneider said: “We are excited for the unique opportunity to develop a Class A logistics facility in the 303 Corridor.
“G303 fills a void in the West Valley for tenants looking for 500,000-600,000 square feet of space. 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 submarket.”
Recently, the real estate firm along with its partner Cresset-Diversified QOZ Fund has commenced construction on The Mercantile, a mixed-use redevelopment project located in downtown Omaha, Nebraska.
The project’s first vertical development will be a 375-unit, four-storey midrise apartment building with 42,000ft² of retail space on the ground floor.