Even in a year fraught with coronavirus, construction tax revenue is surging in Glendale , and got another big boost Dec. 22 .

A 74-acre industrial development site along the Loop 303 corridor was sold with plans to bring a new Class A industrial project known as Commerce @ 303 to the tune of more than 1 million square feet of space.

The parcel, located at the northeast corner of Camelback and Alsup roads , went for $14.4 million to New York Life Real Estate Investors , on behalf of an institutional client, and fellow San Francisco -headquartered SteelWave, a full-service commercial, multifamily and mixed-use real estate management, operating company and investment management firm.

The seller was Alsup 303 Industrial Park, LLC .

SteelWave along with New York Life Real Estate Investors plans for the site will consist of two buildings of 663,367 square feet (Building 1) and 497,747 square feet (Building 2). Constructed on a speculative basis, Commerce @ 303 is expected to open in 2021.

Cushman & Wakefield Phoenix represented the buyer in the transaction, and were also retained to perform project leasing services for the new development.

"We are very excited to re-enter the Phoenix industrial market after a long hiatus," SteelWave Chief Executive Officer Barry DiRaimondo stated in a news release. "Joined by one of our longtime development partners, Commerce @ 303 provides us with a great opportunity to provide a ground-up state-of-the-art facility in a strategic location that will meet all the essential needs of today's industrial users."

Glendale has seen rapid industrial growth on the 1,340-acre Woolf Logistics Industrial Campus and the entire West Glendale region. The Loop 303 corridor, which encompasses land between Loop 303 and Luke Air Force Base , has become a consistent draw for manufacturing facilities.

Mark Anthony Brewing last year brought a $250 million , 916,000-square-foot facility to produce White Claw hard seltzer to the Loop 303 corridor.

"A lot of these mega-industrial projects are earning considerable construction sales tax, and it couldn't have come at a better time for the city," Glendale Councilor Joyce Clark said in an October city workshop. "We will weather the results of COVID in terms of revenue generation far better than many other Valley cities."

The fiscal year 2020-21 general fund through August reveals actual revenue driven by tax collection through construction is up 94%, almost double from a year prior.

" The Southwest Valley leads the Phoenix Metro with 4.8 msf of positive net absorption during the first three quarters of 2020, including nearly two msf absorbed by multinational companies," Cushman & Wakefield Executive Managing director Mike Haenel stated in a news release. "Since the completion of Loop 303 , job growth in this region has increased by 40%."

Commerce @ 303 will offer frontage on Camelback Road and will feature 40-foot clear heights, trailer storage stalls in both buildings, multiple points of ingress/egress, all-concrete truck courts, six office locations, clerestory windows and skylights, and security gates and guard shacks.