EQT has written a nine-figure check for one of Glendale's prime logistics prizes near Loop 303, paying $104.5 million for Commerce @ 303, an approximately 663,000-square-foot Class A warehouse. The deal also hands the buyer a shovel-ready pad next door that could nearly double the size of the campus. EQT plans to put up a speculative industrial building on the adjacent 32.6-acre site, with delivery targeted for the fourth quarter of 2026. The complex was originally developed by SteelWave in partnership with New York Life Real Estate Investors and was completed in 2022.
According to Connect CRE, the sale covered both the existing building and the nearby development pad, which can support another 497,234-square-foot facility. The outlet reports that a fully built-out campus would total close to 1.2 million square feet, and that New York Life Real Estate Investors and SteelWave were among the sellers.
From ground-up plan to finished building
Cushman & Wakefield's release on the original land sale traces Commerce @ 303 back to a roughly 74-acre assemblage marketed for two speculative buildings that together were expected to top more than 1 million square feet. That material names SteelWave as the developer and spotlights the design features, including high clear heights, trailer storage and wide truck courts, that helped turn the project into a magnet for institutional buyers.
Why Loop 303 still matters
Market data shows the Loop 303 corridor is still a go-to for logistics users, with Glendale leading Phoenix submarkets in recent industrial deliveries and the Valley continuing to see millions of square feet under construction or in the pipeline. An industry analysis from AZ Big Media backs up those delivery numbers and highlights the ongoing appetite for modern distribution space in the West Valley.
Who brokered the deal
The transaction was brokered by Cushman & Wakefield's National Industrial Advisory Group - Mountain West, and Connect CRE identifies Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren as the team on the sale. That group has been active across the West Valley as institutional investors chase ready-to-occupy logistics product.
For Glendale, the deal brings another institutional owner into a corridor that is still being built out for e-commerce distribution and manufacturing, and it signals that funds are willing to pay a premium for turnkey, shovel-ready sites. The city's Loop 303 momentum has drawn repeat buyers, including earlier EQT acquisitions in the area reported by the Philadelphia Business Journal, underscoring persistent investor appetite in the West Valley.
