Cushman & Wakefield advises sale of new 1.2 million-square-foot Class A industrial warehouse building in Phoenix’s West Valley

posted by AJOT | Jul 19 2024 at 09:04 AM | Logistics

100% leased state-of-the-art building is part of 335-acre master-planned industrial park, The Cubes at Glendale

Cushman & Wakefield announced the firm has advised CRG, the Chicago-based real estate development and investment management firm, in the sale of The Cubes at Glendale – Building B. The asset consists of a more than 1.2 million-square-foot Class A industrial warehouse building located along the 303 Corridor in Glendale, Arizona. The state-of-the-art, single-tenant facility was 100% leased at the time of sale.

Cushman & Wakefield’s Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West team represented the seller in the disposition. The property was acquired by funds and accounts managed by BlackRock for an undisclosed price.

Currently The Cubes at Glendale features 4.8 MSF on 335 acres of best-in-class Class A industrial space with potential future phases. In 2022, CRG successfully completed construction on Building A – a 1.2 MSF industrial building leased to Williams Sonoma and sold to LaSalle Investment Management; Building D – a 637,000 SF industrial building that sold to US Merchants; and Building E – a 570,080 SF Class A industrial warehouse building that sold to Fundrise in 2023.

“The sale of The Cubes at Glendale – Building B signals the ongoing demand and strength of The Cubes brand and CRG’s broader Southwest industrial development strategy amid strong user and investor demand,” said Will Strong, Executive Vice Chair with Cushman & Wakefield. “Supported by a premier credit tenant, The Cubes at Glendale has been a great success story due to its exceptional location and remarkable product and features.”

The Cubes at Glendale – Building B is minutes from the confluence of Loop 303 and the Northern Parkway, ideally located to serve Arizona and key markets in the Western United States – including Southern California, Nevada, Utah, Colorado, and New Mexico. The project has immediate access to Northern Parkway and is 1.5 miles from Loop 303 – a full diamond interchange at Northern Avenue and Glendale Avenue. The project is also 6.5 miles from Interstate 10 and 30 miles from Phoenix Sky Harbor International Airport.

Located at 15301 West Northern Avenue, The Cubes at Glendale – Building B includes state-of-the-art features that fit the submarket’s demand exceptionally well, including 40’ clear height, excellent loading, and trailer parking, fully gated and secured concrete truck courts, substantial power, K25.2 ESFR sprinklers, moment framing, heavy industrial zoning, and two existing groundwater wells within the park. CRG’s parent company, Clayco, served as the design-builder on the project, and its subsidiary, Lamar Johnson Collaborative, was the architect.