By Staff Reports | Business & Commerce
Cushman & Wakefield has announced the sale of Latitude 303 Logistics, a two-building industrial project totaling 906,607 square feet, located at 16351–16555 W. Glendale Ave. in Glendale.
The property was acquired by EQT Real Estate from AEW, Westport Capital Partners and McKinney Investments, , according to a press release.
The sellers are established real estate investment and development firms with experience across multiple sectors. EQT Real Estate is a global investment manager with a portfolio of commercial properties worldwide.
The transaction was facilitated by Mr. Will Strong, Ms. Molly Hunt, Mr. Jack Stamets, Mr. Michael Matchett and Ms. Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group, who represented both the buyer and the sellers.
“Latitude 303 Logistics is strategically positioned in the heart of Phoenix’s Loop 303 corridor, one of the region’s most active submarkets,” said Mr. Strong. “In a supply-constrained market, the property’s location, construction quality and tenant profile make it a strong addition to EQT’s portfolio,” Mr. Strong said.
Completed in 2022, Latitude 303 Logistics includes features designed for modern logistics and distribution users. The property is 55.2 percent leased to Lennox Industries (NYSE: LII) and Marketech International Corp. USA. The remaining 406,027-square-foot suite includes 40-foot clear heights, a speculative office, HVAC in the warehouse, ESFR sprinklers, expansive truck courts and robust power infrastructure.
“With strong leasing fundamentals and continued demand from tenants and investors, Phoenix remains a competitive market for industrial properties,” said Ms. Hunt.
The site offers immediate access to Loop 303, with proximity to Interstate 10 and Loop 101, and is within a one-day truck drive of more than 40 million people.
