JLL Arranges Joint Venture Equity for Hines' 572,282-SF Industrial Development in Surprise, Arizona
PHOENIX — JLL Capital Markets announced April 23 that it has arranged joint venture equity on behalf of Hines for the development of Cactus 303, a three-building, 572,282-square-foot Class A industrial project in Surprise, Arizona. Hines has closed on the site, which spans 36.8 acres along Cactus Road in the Loop-303 corridor of West Valley Phoenix.
Project Specifications
Cactus 303 comprises three individually parceled, stand-alone buildings — two rear-load facilities and one cross-dock building. The development offers clear heights ranging from 32 feet to 36 feet, ESFR sprinkler systems, 144 dock-high doors, eight grade-level doors and 61 trailer parking stalls. Building depths span from 210 feet for the rear-load configurations to 370 feet for the cross-dock building.
The project is described as shovel-ready.
Location and Logistics Connectivity
The site's location along Cactus Road provides direct access to Loop-303, which connects to greater Metro Phoenix via Interstate 10, Interstate 17 and Northern Parkway. Phoenix Sky Harbor International Airport is approximately 34 miles from the site. The Port of Long Beach and Port of Los Angeles are accessible within six hours.
The development is situated near Village at Prasada, an open-air lifestyle center spanning more than one million square feet, as well as recently developed retail including In-N-Out, Slim Chickens, Discount Tire, Sherwin-Williams and Desert Financial.
JLL Team
The JLL Capital Markets team that arranged the joint venture equity was led by Capital Markets President Kevin MacKenzie, Director Jarrod Howard, Associate Frank Choumas and Senior Analyst Lilley Kroll. JLL Vice Chairman Riley Gilbert and Senior Managing Director John Lydon led the land sale transaction and are leading the leasing assignment for the project.
JLL's Capital Markets group operates globally with more than 3,000 specialists in nearly 50 countries, providing services including investment sales and advisory, debt advisory, equity and fund placement, and net lease advisory.
About the Firms Involved
Hines, the project's developer, manages $91.8 billion in assets across property types on behalf of institutional and private wealth clients, with 4,600 employees operating across 30 countries. The firm has a 68-year history in real estate investment, development and management.
JLL (NYSE: JLL) reported annual revenue of $26.1 billion as of December 31, 2025, and operates in more than 80 countries with a global workforce exceeding 113,000 employees. The firm provides services across office, industrial, multifamily, retail and other property types, including through LaSalle Investment Management.