303 CROSSROADS BUILDING 1 - FUND I

The facility will be this company’s first in the Valley and state of Arizona. The company plans to use the building as a regional distribution facility for its stores and growing e-commerce business

June 29, 2022 | Phoenix Business Journal

The latest company to sign a lease for 1 million square feet in the Valley is Germany-based Puma, one of the world’s leading sportswear brands.

The global company signed a 15-year lease in the second quarter for the first building at 303 Crossroads, a 1.7 million-square-foot facility with two industrial buildings fronting the northeast corner of the Loop 303 and Northern Parkway in Glendale.

The company plans to use the building, which will be its first warehouse in Arizona, as a regional distribution facility for its stores and growing e-commerce business. Puma said it plans to bring more than 200 jobs to the area.

The building was developed by Chicago-based Cresset Real Estate Partners, a real estate investment firm, and Clarius Partners, a Chicago-based real estate investment and development management company.

Fred Regnery and Rob Martensen of Colliers International represented the tenant, while Pat Feeney and Daniel Callahan of CBRE Group Inc. represented the building.

The first building at 303 Crossroads, which will total more than 1 million square feet and house Puma’s facility, is expected to be completed by the fourth quarter of this year, when Puma will occupy the space.

The building was the second warehouse project completed through the Cresset Real Estate Logistics Fund I, which was created about a year ago and has $250 million in commitments to develop nine warehouses, according to the company, which recently launched another logistics fund.

Dominic DeRose, Director of Investments for Cresset Real Estate Partners, said Puma signed the lease relatively quickly to accommodate its growth. “They needed more space,” DeRose said. “The timing matched up very well with our delivery schedule and their need, so we’re very happy to have the lease signed roughly halfway through construction.”

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