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January 11, 2021 Comments (0) Views: 722 Phoenix, Phoenix & Southwest News

108-Acre Glendale Site Sold, 2.25M-SF Development Planned

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Canada-based WPT Industrial REIT acquired a 108-acre industrial development site in Glendale for $23.2 million with plans to develop Sarival Logistics Center. The buyer plans to develop as much as 2.25 million square feet of new Class A industrial product that will be constructed on a speculative basis in multiple phases.

The seller was Loop 303 at Bethany North, LLC, which was represented in the transaction by Cushman & Wakefield’s Andy Markham, Mike Haenel and Phil Haenel.

Markham says, “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.”

The West Valley site is located at Loop 303 and W. Bethany Home Rd. 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 million square feet that’s scheduled to break ground in early 2021.

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