By Cushman & Wakefield
Cushman & Wakefield announced it brokered the sale of a 74-acre industrial development site in Glendale, acquired by New York Life Real Estate Investors, on behalf of an institutional client, and fellow San Francisco-headquartered SteelWave. Located at the NEC of W. Camelback and Alsup roads, the land traded for approximately $14.4M. The seller was Alsup 303 Industrial Park, LLC.
SteelWave, along with New York Life Real Estate Investors, plans to develop a brand new 1.2MSF Class A industrial project known as Commerce @ 303 that will consist of two buildings of 663KSF (Building 1) and 498KSF (Building 2). Constructed on a speculative basis, Commerce @ 303 is expected to deliver in 2021. (Source)