Echo Park 303 industrial site in Glendale secures first tenant
Jun 12, 2023, 10:00 AM
PHOENIX — Echo Park 303 in Glendale, a large two-building industrial site, secured its first tenant as it prepares for completion later this year.
Logistic specialist Axle on Demand signed to a more than 126,000-square-foot prelease located at the site near Loop 303 and Northern Avenue for $85 million, according to Echo Real Estate Capital, a Chicago-based company in charge of developing the industrial project.
Axle on Demand will use the space for third-party logistic services that span warehousing, fulfillment and IT operations, commercial real estate and investment management company JLL said in a press release.
The prelease fills up more than half of the park’s Building A site. About 94,000 square feet of space remained available in Building A to prelease.
Echo Park 303, when completed, will include two class-A industrial buildings on an approximately 40-acre site that will have a 225,000-square-foot multi-tenant rear load (Building A) and a 450,000-square-foot cross-dock warehouse (Building B).
Both buildings are expected to be finished in September.
The transaction marks Axel on Demand’s sixth location within the Phoenix area and is Echo Real Estate Capital’s first metro Phoenix industrial development.
“We are huge proponents of the Phoenix market and excited to be nearing completion on our first industrial development here,” Jon Boyajian, Echo Real Estate Capital principal, said in the release.
“We are equally pleased to welcome Axle on Demand, who like us is looking to grow in this strategic industrial hub. Signing this pre-lease months before project completion has us optimistic for the future of Echo Park 303 and the tenant synergy we will create here.”