Puma opens distribution center in Phoenix
Puma has signed a 15-year lease on a new facility to fulfill growing consumer demand for its industry-leading sports products.
Located outside Phoenix, Arizona, at 303 Crossroads, the facility is part of a two-building, 1.7 million-square-foot industrial development, serving the Phoenix metropolitan area. Puma’s building - standing at one million square feet - is set to be completed in Q4 2022, when they will take occupancy.
The building is the second state-of-the-art warehouse project to be completed within the Cresset Real Estate Logistics Fund I (the “Fund”), and the first in Phoenix.
“We’ve been blown away by the incredible interest we’ve seen from tenants, development partners, and investors across the market,” said Dominic DeRose, director at Cresset Partners.
“We launched our first Logistics Fund just over a year ago, and have launched a new logistics fund to meet rising investor demand. Faced with ongoing global supply chain disruptions, the United States’ existing logistics infrastructure will continue to strain to meet demand until new buildings are brought online. We look forward to continuing to partner with top developers like Clarius to alleviate that stress and serve ever-growing global brands like Puma, through building strategically located, top-of-the-line logistics projects in key U.S markets.”
Cresset partnered on the project with Clarius Partners, a full-service real estate investment and development management company.
”Clarius Partners is excited to foster its partnership with Cresset Real Estate, CBRE and the City of Glendale through the development of Class A Industrial facilities in the emerging West Phoenix / Loop 303 sub market," said Mark Balcius SR. VP with Clarius Partners.
"We are thrilled to collaborate and partner with industry leading tenants, such as Puma, to meet their growing business demands through expansion of their business footprint in the Valley.”
Copyright © 2022 FashionNetwork.com All rights reserved.