Staff Reports | Business & Construction
Cushman & Wakefield has arranged the sale of Commerce @ 303, a 663,367‑square‑foot Class A industrial property with an adjacent entitled development site at 5215 N. Alsup Road in Glendale.
The property was acquired by EQT from New York Life Real Estate Investors and SteelWave, according to a press release.
Developed by SteelWave and completed in 2022, Commerce @ 303 includes a cross‑dock industrial facility designed for logistics use. The building is fully leased to two third‑party logistics providers.
The Cushman & Wakefield National Industrial Advisory Group – Mountain West, including Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren, brokered the transaction.
“Commerce @ 303 is a rare ‘best‑of‑both‑worlds’ asset. It pairs immediate, stable cash flow from credit tenants with the upside of a fully entitled development site,” said Will Strong of Cushman & Wakefield. “In a market as competitive as Phoenix, finding institutional‑quality infrastructure in a location this strategic is incredibly rare. It’s a generational play in the heart of the Southwest’s most important industrial corridor.”
In addition to the existing facility, the property includes a 32.6‑acre shovel‑ready parcel that is entitled for development of an additional 497,234‑square‑foot industrial building. The site allows for the creation of an industrial campus totaling nearly 1.2 million square feet.
EQT plans to begin construction on a speculative industrial building on the development pad, with an estimated delivery in the fourth quarter of 2026.
Commerce @ 303 is 1.1 miles from a full diamond interchange at Loop 303, providing access to regional and national transportation routes.
“This site offers a rare turn‑key opportunity for growth,” said Molly Miller of Cushman & Wakefield. “With its development‑ready status and location, the buyer is positioned to respond to ongoing demand within the Phoenix industrial corridor.”
