Phoenix Getting 2 Warehouses Near Loop 303

Phoenix AZ

18 May, 2021

1:22 PM

Description

PHOENIX, AZ — The Valley is getting two warehouses spanning more than 600,000 square feet in early 2022. The two buildings, which are being developed by MDH Partners, are named "Gateway 303," in reference to the nearby Loop 303. The project will include a 362,000 square foot warehouse with room for 80 trailer stalls, 68 dock doors, and ample surface parking and LED lighting. Gateway 303 also includes a second, 238,000 square foot warehouse, which includes 43 stalls and 36 dock doors of its own. The company's decision to build commercial property in the Valley stems from the region's record-breaking pace of industrial construction in 2020. During that time period, Phoenix's net absorption increased to more than 5.6 million square feet in the first quarter of 2020, the highest quarterly net absorption rate for the city since the fourth quarter of 2013, CBRE said. RELATED: Phoenix 2nd Largest Market For Commercial Development in 2021 "The Phoenix MSA continues to outpace other metros in both economic and population growth while maintaining its affordability, and as a result, demand for Class-A warehouse space is at record levels. Gateway 303 will provide the market with high-quality product, allowing the metro to continue its impressive growth," said Matt Gregory, Vice President of Development at MDH Partners, in a statement. "We're excited to help facilitate continued economic success in Phoenix and remain committed to being valuable members of the community. Gateway 303 grows our market presence to nearly one million square feet, which we look forward expanding further in the coming years." Gateway 303 will be located along the Loop 303 corridor on the northeast corner of Thomas Road and Cotton Lane, positioning it near the busy Interstate 10 corridor. "As costs of development continue to rise in California, the Phoenix metro provides a tremendous opportunity for industrial and manufacturing users seeking affordability, proximity to ports, freeway access and a strong labor pool," said CBRE's Rusty Kennedy in a statement. "Gateway 303 is at the front door of what's happening in the Valley, and as herds of new users enter the market, we look forward to partnering with MDH Partners to secure the ideal tenants for these facilities."