**EQT Acquires 663,000-Square-Foot Industrial Property in Glendale for $104.5 Million**
EQT, one of the world’s largest private equity investors, has acquired Commerce @ 303, a 663,000-square-foot Class A industrial facility located in Glendale, Arizona. The property was purchased from New York Life Real Estate Investors and SteelWave for $104.5 million, according to the Phoenix Business Journal. Developed by SteelWave, the state-of-the-art warehouse was completed in 2022.
The transaction also includes a 32.6-acre adjacent parcel of land, which is shovel-ready for future development. Plans are already underway to construct an additional 497,234-square-foot industrial building on the site, creating a nearly 1.2 million-square-foot industrial campus. EQT expects to begin construction of this speculative facility soon, with a projected completion date in the fourth quarter of 2026.
The deal was brokered by Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, which includes team members Will Strong, Molly Miller, Jack Stamets, Michael Matchett, and Madeline Warren.
