EQT Exeter Pays $50M for Phoenix Industrial Building
Arizona’s Loop 303 continues to be a focal point for developers of manufacturing and logistics facilities.
US Capital Development sold Falcon Park 303 – Phase II, a brand new 326,018-square-foot Class A industrial building on over ±21 acres in Glendale, Ariz., to EQT Exeter for $50 million.
The freestanding building was delivered on a speculative basis in 2023 and is 100 percent leased to a single tenant. The building is part of a larger, new modern industrial campus totaling 925,504 square feet situated on nearly 60 acres.
Cushman & Wakefield has advised US Capital Development and another institutional investor in the transaction.
Falcon Park – Phase I totaling 599,486 square feet sold in 2023 to Cohen Asset Management for $81.7 million.
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Located at 15132 and 15152 West Camelback Road, respectively, Falcon Park 303 – Phase I and II are Class A assets in a core bulk-related warehouse location that is minutes from multiple major freeways including Loop 303, Loop 101 and Interstate 17.
“This investment reflects our continued commitment to the Phoenix market as we see opportunity in purchasing vacant and leased buildings of the highest quality. Falcon 303 Phase II, in particular, stands out with its strong location and functional design, which allows the building to serve as a competitive logistics facility attractive to modern occupiers for decades to come,” Scott Guo, Investment & Leasing Officer with EQT Exeter told Commercial Property Executive.
Loop 303’s strong industrial demand
Loop 303 continues to be a focal point for developers of manufacturing and logistics facilities.
Anita Verma-Lallian, founder & CEO of Arizona Land Consulting told CPE that the deal proves how strong the Arizona market is for industrial development.
“Over the next few years, you can expect to see more of these types of projects as states such as California continue to make development challenging with higher taxes and new initiatives,” she said.
It is also less than a six-hour drive to the Port of Los Angeles and Long Beach and has complete transportation linkages via air, rail and ground.
Will Strong, Michael Matchett, Molly Hunt and Dean Wiley with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented USCD and another institutional investor in the disposition.
Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale as well as brokered the full-building lease with the existing tenant in the fourth quarter of 2023.
In 2021, USCD identified a defunct golf course as an industrial redevelopment site and the C&W Mountain West team secured USCD’s equity partner.
The brokerage team then represented both the tenant and landlord in leasing phases I and II.
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