Cushman & Wakefield: transaction illustrates appetite industrial growth
Staff Reports | Digital Free Press
Cushman & Wakefield is announcing Sarival Logistics Center industrial development in Glendale has signed a full-building lease totaling 1,156,860 square feet with Logistics Plus — 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, Cushman & Wakefield officials report.
A Cushman & Wakefield team comprising Andy Markham, Mike Haenel and Phil Haenel represented the landlord in the lease transaction and leads, officials close to the matter say. 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, in a prepared statement.
“This new campus is a highly attractive industrial development situated in one of the hottest corridors in the Southwest U.S. and that, proximate to multiple major freeway routes, offers ideal logistical and transportation access.”
Vice Chairman Mike Haenel echoed a similar sentiment.
“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,”
Situated approximately 25 miles west of Phoenix, Sarival Logistics Center is at the northeast corner of Loop 303 and west Bethany Home Road 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.