SURPRISE, Arizona, August 16, 2021 – On behalf of Baker Development Corporation (BDC), the Phoenix office of JLL has completed an 81-acre land acquisition for the development of a $150 million industrial park. Named Cactus 303, the project is poised to create hundreds of jobs within a Loop 303-fronting location in Surprise, Arizona.
BDC purchased the land, located on the northeast corner of Cactus Road and the Loop 303, for $20 million. It will build approximately 1 million square feet in seven Class A industrial buildings, with a complimentary retail component along the Cactus Road frontage.
JLL Managing Directors Anthony Lydon and Marc Hertzberg, and Executive Vice President Riley Gilbert represented BDC in the land acquisition. The JLL team will also serve as Cactus 303’s exclusive industrial leasing brokers.
The retail pads fronting Cactus Road range from .75 acres to 16 acres, and are available for sale or ground lease exclusively through SRS Principals Ed Beeh, Chuck Gibson and Robbie Petty.
“We feel we are in the right place at the right time,” said Daniel J. Slack, BDC’s Principal leading the development. “The Loop 303 corridor is in the path of growth and will continue to be for the foreseeable future, considering a confluence of market dynamics on the I-10 to the south and TSMC’s $20 to $30 billion investment to the north. These economic drivers converge in the Loop 303 market.”
“Cactus 303 will create meaningful jobs and generally bolster the business and residential ecosystem that is the West Valley’s backbone,” said Gilbert. “The Loop 303-fronting location will also allow the project to accommodate a wide range of signature corporate development opportunities including last-mile fulfillment, light assembly, flex office-showroom and even commercial retail.”
Buildings at Cactus 303 will range from 82,000 square feet to 378,600 square feet. All seven buildings can accommodate a single building user or are divisible to provide flexible size offerings for multi-tenant requirements. The site is also available, and can accommodate, potential build-to-suit users of up to 600,000 square feet looking for branding opportunities and immediate access along the Loop 303.
Amenities include 32’ to 40’ clear height, dock high and grade level doors, up to 200’ truck courts and extensive – and expandable – auto and trailer parking.
The project fronts the Loop 303 with immediate access via Cactus Road and multiple points of ingress and egress. It is located within a robust labor pool and a community of corporate neighbors including Red Bull, White Claw, Ball Enclosure, Crescent Crown and Expeditors.
Cactus 303 also sits within the 3,300-acre Prasada master plan, featuring single-family homes, a 180-acre auto mall and a 60-acre power center.
Construction on Cactus 303 is scheduled to begin in early 2022, with Phase I being completed by year-end 2022. The project architect is Butler Design. Layton Construction will serve as the general contractor.
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About Baker Development Corporation
Baker Development Corporation is an experienced, well capitalized, privately owned real estate development company based in Chicago that has built a reputation for getting politically sensitive deals approved and complicated development projects constructed. Since its formation in 1985, BDC and its partners have been involved in the acquisition, development and construction of virtually every asset class of real estate, including industrial, high-rise for-sale residential, big-box retail, office, hotel, multi-family rental, mixed-use, loft conversions, townhomes, retail, adaptive reuse properties, fractured condominiums and brownfield redevelopment projects. BDC has developed 800,000 square feet of warehouse/distribution center product in Goodyear, Arizona, with another 2 million square feet planned in the greater Phoenix area. For more information, visit www.bakerdevelopmentcorp.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 646 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2020, the Phoenix team completed 75 million square feet in lease and sale transactions valued at $2.2 billion, directed $186 million in project management and currently manages a 54.2 million-square-foot portfolio.
For further information, visit www.jll.com.