Cresset Partners Announces 15-Year Lease With PUMA at 303 Crossroads in Glendale, AZ
CHICAGO–(BUSINESS WIRE)–Cresset Partners announced today that it had agreed to a 15-year lease with PUMA, one of the world’s leading sports brands. PUMA will lease a one million square foot building at 303 Crossroads, a logistics development located outside Phoenix, Arizona and developed in partnership with Clarius Partners.
303 Crossroads 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. PUMA elected to lease at 303 Crossroads to fulfill growing consumer demand for its industry-leading sports products.
“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 with a strong track record of building successful projects in Phoenix and across the country.
“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.”
303 Crossroads is a two-building, 1.7 million square foot industrial development in Glendale, Arizona, serving the Phoenix metropolitan area. PUMA’s building is set to be completed in Q4 2022, when the tenant will take occupancy. PUMA was represented by Fred Regnery and Rob Martensen of Colliers International, and 303 Crossroads is represented by Pat Feeney and Daniel Callahan of CBRE.
About Cresset Partners
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, and sponsor products. We focus on building outstanding, lasting partnerships by investing permanent capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners has more than $2.2 billion in commitments across real estate, private equity, private credit, and venture capital. Learn more at https://cressetpartners.com.
Cresset refers to Cresset Manager, LLC and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
About PUMA
PUMA is one of the world’s leading sports brands, designing, developing, selling and marketing footwear, apparel and accessories. For more than 70 years, PUMA has relentlessly pushed sport and culture forward by creating fast products for the world’s fastest athletes. PUMA offers performance and sport-inspired lifestyle products in categories such as Football, Running and Training, Basketball, Golf, and Motorsports. It collaborates with renowned designers and brands to bring sport influences into street culture and fashion. The PUMA Group owns the brands PUMA, Cobra Golf and stichd. The company distributes its products in more than 120 countries, employs about 16,000 people worldwide, and is headquartered in Herzogenaurach/Germany.
About Clarius Partners
Clarius Partners, LLC was founded in 2009 by two industry veterans, H, Steven Duncan and Kevin D. Matzke, with the initial goal of assuming the third-party management responsibilities for a handful of key office and industrial projects located in Chicago, Phoenix, Southern California and Northeastern Pennsylvania. Today, Clarius is a full-service real estate investment and development company managing select office, medical, industrial and land development projects on behalf of the principals of Clarius as well as third-party real estate investors and owners. Clarius is focused on the principle of Quality with Clarity. The mission is to deliver high quality, customized real estate investment management and development management services with utmost integrity to our select group of clients and partners in a reliable, ethical and transparent manner.
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