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MLILY commits to largest Hines single-building development

BY GLENDALE STAR STAFF

Globally recognized mattress manufacturer MLILY has committed to a 1.25 million-square-foot lease at Glendale 303 (G303). The lease fi lls a just-completed, 569,520-square-foot industrial building and initiates an expansion of G303 to fulfi ll the tenant’s larger, single-building lease requirement.

The Class A industrial project is a development of international real estate fi rm Hines, with funds managed by Oaktree Capital Management LP. When complete, G303 will become the largest single-building Hines development in the United States.

Managing Director Bill Honsaker and Senior Vice President John Lydon from the Phoenix offi ce of JLL represented Hines in the lease transaction. Payson MacWilliam and Yang Chen of Colliers International represented the tenant. The Southwest division of Graycor Construction Company serves as the project’s general contractor.

“The rise of e-commerce that we experienced during the pandemic has created a new, steady level of demand for modern logistics and supply-chain-savvy industrial space, particularly in prime geographic and demographic locations like Phoenix,” said Courtney Schneider, director at Hines, who oversees industrial development for Arizona and Colorado. “G303 was designed to meet the needs of a modern industrial user just like MLILY. We are thrilled to welcome them.”

According to the latest JLL Phoenix industrial market report, the Valley recorded more than 5 million square feet of positive net absorption during the fi rst two quarters of 2021, marking the 31st and 32nd straight quarters of positive Phoenix industrial absorption dating back to the second quarter of 2013.

“Within the Phoenix industrial market, requirements for Class A warehouse and distribution space have been particularly high — easily outpacing demand for any other type of industrial product,” Honsaker said. “G303 was in a prime position to capitalize on that trend with a high-quality building that was designed to expand and is strategically located within the Valley’s hottest industrial corridor — at the center of a very young and diverse talent pool.”

G303 is located immediately off the Loop 303 freeway between Glendale Avenue and Bethany Home Road. Conceived as a two-phase project, the building was designed with the ability to combine into a larger building for a single, signifi cant user like MLILY.

“Hines and Oaktree wisely created scalability at G303,” said Todd Ostransky, Graycor Construction Company vice president of the Southwest division. “That is a very attractive option for a company looking to plant a fl ag and grow in our immensely popular industrial sector and was the perfect solution for MLILY.”

The newly completed G303 building features 40-foot clear height, 60foot speed bays, abundant dock-high loading doors and highly functional footprints. It features a sleek exterior design, with the ability to accommodate more than 550 cars. The project also includes a basketball court amenity for employees to enjoy during break times.

Construction on the G303 building expansion will begin during Q4 2021 and be complete by Q4 2022.

Marcus & Millichap arranges sale of 42-unit apartment building

BY GLENDALE STAR STAFF

Marcus & Millichap, a commercial real estate brokerage fi rm specializing in investment sales, fi nancing, research and advisory services, announced the sale of Granity Manor, a 42-unit apartment property in Glendale.

According to Ryan Sarbinoff, regional manager of the fi rm’s Phoenix offi ce, the asset sold for $6.4 million.

“Less than 1 mile from Glendale High School, Grand Avenue Expressway (Route 60) and Historic Downtown Glendale, Granity Manor is well-positioned for employment and neighborhood amenities,” said Paul Bay, fi rst vice president investments in Marcus & Millichap’s Phoenix offi ce.

“The seller, Andre Golnazarian, sold Granity Manor as part of a portfolio including another mid-sized apartment community in West Phoenix called Georgia Villa.”

Bay had the exclusive listing to market the property on behalf of Golnazarian. The buyer, a private investor, was also procured by Bay.

Granity Manor has 42 units, 10 of which were built in 2016, and the remaining 32 were constructed in 1984. The apartment community includes a pool, community laundry, playground, dog run, covered parking and exterior lighting. Granity Manor is located at 6220 W. Ocotillo Road in Glendale.

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