Investors buy in at Glendale spec development

Cushman & Wakefield advisesd US Capital Development and another institutional investor in the sale of Falcon Park 303 - Phase II, a brand new 326,018-square-foot Class A industrial building on more than 21 acres in Glendale. The freestanding building was delivered on a speculative basis in 2023 and is leased to a single tenant. The building is part of a larger industrial campus totaling 925,504 square feet situated on nearly 60 acres. EQT Exeter acquired Falcon Park 303 – Phase II for $50 million. EQT Exeter is the real estate division of EQT, which acquires, develops, leases, and manages logistics/ industrial, residential and office/life science properties. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley with  Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented USCD and another institu-tional investor in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided advisory in the sale, and brokered the full-building lease with the existing tenant in the fourth quarter of 2023. Starting in 2021, the C&W Industrial Leasing team represented USCD in identifying a defunct golf course as an industrial redevelopment site. The Leasing Team then represented both the tenant and landlord in leasing Phases I and II. The buildings are at 15132 and 15152 W. Camelback Road, respectively, Falcon Park 303 - Phase I and II are minutes from Loop 303, Loop 101, and Interstate 17. It is also less than a six-hour drive to the Port of Los Angeles and Long Beach. In 2023, the C&W Mountain West team sold Phase I to Cohen Asset Manage-ment for $81.7 million and the C&W Equity Debt Structured Financing team arranged the financing for the buyer. “Phase II was another tremendous opportunity for a buyer to capitalize on a fully leased, state-of-the-art industrial building with a large and robust long-term tenant, which is well positioned along-side the equally successful adjacent Phase I building in the project,” stated Will Strong in a press release.