Echo Real Estate Capital has broken ground on Echo Park 303, a two-building, 676,712-square-foot industrial project in Glendale, Ariz. Designed and constructed by LGE Design Build, the development marks the latest addition to the Loop 303 corridor in the West Valley of Phoenix. Delivery is expected in the third quarter of 2023.
Upon completion, Echo Park 303 will feature a 455,936-square-foot facility and a second, 220,240-square-foot building, as well as 28,000 square feet of Class A office space. The warehouses will have 40- and 32-foot clear heights, respectively. The property will also include 743 parking spots and gated yards for 150 trailer spaces.
The project takes shape on 40 acres at the intersection of Northern Parkway and Reems Road, next to the Luke Air Force Base and 30 miles from downtown Phoenix. The development site is roughly 3 miles from Loop 303, having access to Interstate 10. Other industrial facilities and distribution centers in the area include Red Bull, Cold Summit and Mark Anthony Brewing.
According to CommercialEdge data, Phoenix ranked second after Dallas in terms of industrial pipeline size as of July. Developments totaled 45.2 million square feet, representing 15.6 percent of stock.
Several projects are underway within the Loop 303 industrial corridor. In August, a joint venture between Ryan Cos. and Westcore Properties broke ground on Hatcher Industrial, a business park totaling 901,125 square feet in Glendale, Ariz., with Western Alliance Bank providing a $61.6 million construction loan.
Also in Glendale, IndiCap and Invesco plan a major Class A industrial campus, totaling more than 1.5 million square feet. Groundbreaking is slated in November 2022.
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