Cushman & Wakefield Brokers $23.2M Sale of Land Parcel Near Phoenix for 2.2 MSF Sarival Logistics Center
GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a 108-acre industrial development site at the northeast corner of Loop 303 and West Bethany Home Road in Glendale. An undisclosed national real estate investment trust acquired the property from Loop 303 at Bethany North LLC for $23.2 million.
The buyer plans to develop Sarival Logistics Center, which will total up to 2.2 million square feet of Class A industrial space that will be constructed on a speculative basis in multiple phases. The total project site also includes an additional 40-acre plot that the buyer acquired in December 2020.
Phase I of the 148-acre Sarival Logistics Center will feature a 1.1 million-square-foot speculative building. Construction is slated to begin in early 2021.
Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.