Camelback 303 is a $1.5 billion global logistics park being developed in Glendale, Arizona, in a joint venture by Merit Partners, First Industrial Realty Trust Inc. and Diamond Realty Investments. At completion, the park will accommodate approximately 9–10 million square feet of Class A industrial distribution and manufacturing space, making it the largest freeway-fronting industrial employment site in Arizona. It will offer build-to-suit opportunities and speculative development.
Situated in metro Phoenix’s fastest growing industrial submarket, Camelback 303 sits along the west side of Loop 303, offering extensive freeway frontage between the Camelback Road and Bethany Home Road interchanges. With ample land and multiple access points along Camelback Road, Cotton Lane and Bethany Home Road, the site provides the physical and logistical advantages to serve tenants ranging from mid-size users to the region’s largest industrial operators.
According to the Q2 JLL Phoenix Industrial Insights report, Valley industrial rents are on the rise and absorption is up 39 percent from this time last year, marking the 28th straight quarter of positive absorption with no sign of slowing.
“The ecommerce industry alone has grown by 35 percent this year, compared to just 14 and 15 percent in recent years,” says Anthony Lydon, one of the team in the Phoenix office of JLL that brokered the 611-acre land purchase on behalf of the development team. “Sustaining this kind of consumer demand requires a massive uptick in logistical support from projects just like Camelback 303.”
Camelback 303 is a sub-four-hour-drive from Southern California’s Inland Empire submarket and will leverage its proximity to the ports of Los Angeles and Long Beach. It is less than 30 minutes from Sky Harbor International Airport and 2.5 miles from the new Northern Parkway, a four-lane I-10 reliever expressway providing workforce connectivity between the Loop 303, Central Phoenix and Glendale, and placing Camelback 303 within 30 minutes of 1.5 million residents.
With these advantages, the Loop 303 corridor is projected to grow from a 15 million-square-foot industrial submarket to more than 50 million square feet of industrial space within the next five to six years, with major users in the e-commerce, manufacturing, food and beverage, and third-party logistics companies.
