JLL arranges joint venture equity for Cactus 303, a shovel-ready industrial project in Surprise, Arizona

PHOENIX, April 23, 2026 – JLL Capital Markets announced today 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. The shovel-ready development sits on 36.8 acres along Cactus Road in the highly sought-after Loop-303 corridor of West Valley Phoenix.

Cactus 303 comprises three individually parceled, stand-alone buildings featuring 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, providing flexibility to accommodate diverse industrial users.

The property's location delivers immediate access to Loop-303, providing connectivity to greater Metro Phoenix via Interstate 10, Interstate 17 and Northern Parkway. Major ports including the Port of Long Beach and Port of Los Angeles are accessible within six hours, while Phoenix Sky Harbor International Airport sits 34 miles from the site. The development is located 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.

The JLL team was led by Capital Markets President Kevin MacKenzie, Director Jarrod Howard, Associate Frank Choumas and Senior Analyst Lilley Kroll. JLL's Vice Chairman Riley Gilbert and Senior Managing Director John Lydon led the land sale transaction and lead the leasing assignment for the project.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Hines is a leading global real estate investment manager. Hines owns and operates $91.8 billion¹ of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, Hines’ 4,600 employees in 30 countries draws on its 68-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media. 

¹Includes both the global Hines organization and RIA AUM as of June 30, 2025.