Cresset Partners announced that it had agreed to a 15-year lease with PUMA, one of the world’s leading sports brands. PUMA will lease a one million square foot building at 303 Crossroads, a logistics development located outside Phoenix, Arizona and developed in partnership with Clarius Partners.
303 Crossroads is the second state-of-the-art warehouse project to be completed within the Cresset Real Estate Logistics Fund I (the “Fund”), and the first in Phoenix. PUMA elected to lease at 303 Crossroads to fulfill growing consumer demand for its industry-leading sports products.
“We’ve been blown away by the incredible interest we’ve seen from tenants, development partners, and investors across the market,” said Dominic DeRose, Director at Cresset Partners. “We launched our first Logistics Fund just over a year ago, and have launched a new logistics fund to meet rising investor demand. Faced with ongoing global supply chain disruptions, the United States’ existing logistics infrastructure will continue to strain to meet demand until new buildings are brought online. We look forward to continuing to partner with top developers like Clarius to alleviate that stress and serve ever-growing global brands like PUMA, through building strategically located, top-of-the-line logistics projects in key U.S markets.”
Cresset partnered on the project with Clarius Partners, a full-service real estate investment and development management company with a strong track record of building successful projects in Phoenix and across the country.
“Clarius Partners is excited to foster its partnership with Cresset Real Estate, CBRE and the City of Glendale through the development of Class A Industrial facilities in the emerging West Phoenix / Loop 303 sub market,” said Mark Balcius SR. VP with Clarius Partners. “We are thrilled to collaborate and partner with industry leading tenants, such as PUMA, to meet their growing business demands through expansion of their business footprint in the Valley.”
303 Crossroads is a two-building, 1.7 million square foot industrial development in Glendale, Arizona, serving the Phoenix metropolitan area. PUMA’s building is set to be completed in Q4 2022, when the tenant will take occupancy. PUMA was represented by Fred Regnery and Rob Martensen of Colliers International, and 303 Crossroads is represented by Pat Feeney and Daniel Callahan of CBRE.