VanTrust Real Estate announces its latest development in Arizona, VT303 North, a 1.1 million square foot speculative industrial building located in Glendale. Situated at the southwest corner of Northern Avenue and Reems Road, the project is designed to meet the demand for modern logistics and distribution facilities in the rapidly expanding West Valley.
VanTrust acquired the 66-acre parcel in August 2023 and has since finalized the design and engineering for offsite infrastructure. Construction for VT303 North is set to begin in December.
The development boasts an ideal location with excellent freeway access to both Loop 303 and Northern Parkway. This prime position provides easy access to local and regional coastal markets, reaching over 33 million consumers within a one-day drive.
This project marks familiar territory for VanTrust, as they successfully developed 830,000 square feet at the nearby VT303 project. VanTrust also recently completed phase one at VT101, totaling 310,000 square feet across two buildings along the Loop 101 in the Glendale sports and entertainment corridor.
“We’re proud to launch our third industrial project in Glendale, where we believe the timing couldn’t be better,” said VanTrust Real Estate Senior Director, Development Jenna Borcherding. “The Loop 303 corridor continues to establish itself as a premier industrial hub, and we’re excited to contribute another high-quality development that supports the growth and strength of this market.”
“Given the business-friendly environment, deep and diverse labor base, as well as proximity to the Port of Long Beach, Phoenix continues to see unprecedented demand in the big box industrial space which includes general Distribution, E-Commerce, Apparel, and Food & Beverage uses among others,” said Cooper Fratt, Executive Vice President of CBRE Industrial & Logistics. “Over the past five years, Phoenix has averaged more than 3.6 million square feet of absorption per year for buildings over 1.0 million square feet. VanTrust is set up perfectly to take advantage of the current supply & demand fundamentals at VT303 North.”
Fratt and John Werstler of CBRE are the brokerage team for VT303 North. They report that the most recent market data underscores the continued demand for new large-scale industrial supply. In the past 15 months, seven of the nine 1 million square foot or larger buildings in the market have been leased or purchased, indicating limited supply in the pipeline. VT303 North is the first speculative industrial project of more than 800,000 square feet to be launched in the West Valley in nearly two years.
