Cushman & Wakefield announced today the firm has brokered the sale of a 108-acre industrial development site in Glendale, Arizona. Situated approximately 25 miles west of Phoenix, the site is located at the northeast corner of Loop 303 and W Bethany Home Rd in the Glendale submarket and sold for $23.2 million. The buyer was an undisclosed national real estate investment trust.
The seller was Loop 303 at Bethany North, LLC, which was represented in the transaction by the team of Andy Markham, Mike Haenel and Phil Haenel with Cushman & Wakefield in Phoenix.
To be known as the Sarival Logistics Center, the buyer plans to develop as much as 2.25 million square feet (msf) of new Class A industrial product that will be constructed on a speculative basis in multiple phases. The total project site also consists of an additional 40-acre site that the buyer acquired in late December. Phase I of the 148-acre Sarival Logistics Center will consist of a single new speculative industrial building totaling 1.1 msf (Building A) scheduled to break ground in early 2021.
“This is a highly attractive industrial development site in one of the hottest corridors in the Southwest US and that, proximate to multiple freeway routes, offers ideal logistical and transportation access,” said Andy Markham, Executive Managing Director.