Sarival Logistics Center industrial development in Glendale, Arizona has signed a full-building lease totaling 1,156,860 square feet with Logistics Plus, Inc. (LP), a leading worldwide provider of transportation, logistics, and supply chain solution. The building was constructed on a speculative basis and represents the first phase of a larger development which can accommodate over 2 million square feet of industrial product when fully built.
A Cushman & Wakefield team comprising Andy Markham, Mike Haenel and Phil Haenel represented the landlord in the lease transaction and leads Project Leasing for the campus. Jeremy Trotter of Foremost Commercial represented the tenant.
“We are thrilled to have secured a high-quality tenant to kick-off the project and completely fill the first building and first phase of Sarival Logistics Center. The landlord decided to develop the building on a speculative basis and their strategy has been rewarded,” said Vice Chairman Andy Markham. “This new campus is a highly attractive industrial development situated in one of the hottest corridors in the Southwest US and that, proximate to multiple major freeway routes, offers ideal logistical and transportation access.”
Vice Chairman Mike Haenel added, “This transaction also exemplifies the ongoing growth and demand the Phoenix Metro market continues to see from industrial users due to its many benefits plus population growth. And many companies are wanting either new or Class A modern facilities for their operations.”
“LP stands at the forefront of the growing Glendale distribution market by pioneering the way in this new post COVID era of supply chain logistics,” added Jeremy Trotter, president.
Situated approximately 25 miles west of Phoenix, Sarival Logistics Center is strategically positioned at the northeast corner of Loop 303 and W Bethany Home Rd in the Glendale area. The property provides immediate access to Loop 303 as well as premier freeway visibility and is within minutes of Interstate 10. The property is also within 30 minutes of two major airports: Phoenix Goodyear and Phoenix Sky Harbor International and is less than 6 hours from the Ports of Los Angeles and Long Beach. The campus is among an abundance of other major corporate logistics users.
The 1,156,860-sf Building A includes many highly valued design and functionality features, including 40’ clear height, 845 auto parking spaces, 409 trailer stalls, 218 dock doors and 4 drive in dock doors, wide column spacing, ESFR sprinklers, heavy power of 6,000 amps, and LED warehouse lighting.
According to Cushman & Wakefield’s most recent Q3-2022 market report, Phoenix Industrial market vacancy stood at a healthy 4.9% overall and has recorded a robust 17.7 million square feet of occupancy growth year-to-date. The West Phoenix submarket, where Sarival Logistics Center is located, has recorded nearly 3 million square feet of occupancy growth year-to-date, among the highest of all local submarkets.