GLENDALE, ARIZONA -- 303-NP Venture, LLC an affiliate of Clarius Partners, paid $23,357,452.55 ($5.43 PSF / $236,555 per acre) to purchase approximately 98.74 acres of industrial zoned land at the northeast corner of the Loop 303 and Northern Parkway.
The property will be used for industrial / distribution development. The Loop 303 Manufacturing Corridor is a premier location that meets the increasing demand for industrial and commercial space. The Loop 303 provides direct access to Interstate 10 (5 miles south) and Interstate-17 (29 miles northeast). The corridor is a key location providing access to the western and southwestern regions of the United States.
A local developer, Clarius Partners manages several major land, industrial, medical and office development project nationwide, representing total development budgets exceeding $1.1 billion. While geographically diverse, the company is considered to be local experts in each of its core markets including Arizona, Illinois, California, North Carolina, South Carolina, Utah and Pennsylvania.
The seller in the transaction was Northern Parkway Investors, LLC.
The corridor’s accessibility and rail connectivity make it a prime location for businesses to call home. The surrounding area’s housing and retail boom will provide additional skilled workforce with improving lifestyle choices due to proximity to quality employers and the ample amenities Glendale has to offer.
It was just last year, the National Association of Industrial and Office Properties’ Developer/Owner of the Year Lincoln Property Company, announced the development of Park 303, a Class A industrial park with over 1.5 million square feet of spec industrial which quickly expanded to 4.5 million which reflects the level of interest in the marketplace.
Followed soon after by Graycor Construction Company, Barclay and WM Grace, and VanTrust.
Over the past year there has been unprecedented activity in the entire Loop 303 corridor that include land sales, annexations and planned area developments, with applications filed on more than 20 properties along the Loop 303.
This latest transaction was handled exclusively by Justin Carlson of JR Carlson Company in Scottsdale.
For more information, Carlson should be reached at 480.292.7001.
