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January 24, 2021
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AZ Dev Site Goes for $23.2 Mil


A 108-acre, industrial development site in Glendale, AZ was acquired by an unnamed national real estate investment trust for $23.2 mil. The site, situated approximately 25 miles west of Phoenix, is located at the northeast corner of Loop 303 and W Bethany Home Rd in the Glendale submarket.

The buyer plans to develop as much as 2.25 msf of new Class A industrial product that will be constructed on a speculative basis in multiple phases. The project will be known as be known as the Sarival Logistics Center.

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.

The seller, Loop 303 at Bethany North LLC, was represented in the transaction by the team of Andy Markham, Mike Haenel and Phil Haenel with Cushman & Wakefield in Phoenix.

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