LBA Pays $39M for Phoenix Industrial Asset
The fully leased property is part of a 676,176-square-foot campus.
LBA Logistics has purchased a 220,240-square-foot, fully occupied Class A industrial facility in Glendale, Ariz. The property changed hands for $39 million, according to CommercialEdge.
Echo Real Estate Capital Inc., in joint venture with Grandview Partners, was the seller. Cushman & Wakefield brokered the deal for the partnership.
The facility, known as Building A, is at 9701 N. 151st Ave. within Echo Park 303, an industrial campus that includes a 455,936-square-foot second building, and is fully occupied by HubStarr Logistics.
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The industrial park is close to Interstate 10 and the Loop 303 industrial corridor, allowing easy access within the Southwest Valley submarket and through the Greater Phoenix area. Phoenix Sky Harbor International Airport is 31 miles from the facility, while Mesa Gateway Airport is within 63 miles.
Echo Park 303’s Building A features 32-foot clear heights, two grade-level doors, 56 dock-high doors and 440 vehicle parking spots. The property, together with the second building at 9501 N. 151st Ave., was designed by LGE Design Build and came online in 2023. Developed by Echo Real Estate Capital Inc., the two-building business park was financed by a $53.6 million loan originated by Pacific Coast Capital Partners, CommercialEdge shows.
Executive Vice Chairman Will Strong, Directors Michael Matchett and Jack Stamets, together with Senior Associate Molly Hunt and Senior Financial Analyst Madeline Warren with Cushman & Wakefield represented the seller.
Phoenix industrial sales
The company recently brokered another deal in Phoenix. In early January, CIP Real Estate picked up a 809,230-square-foot Class A industrial park in Mesa, Ariz., from Canyon Partners Real Estate LLC. The multi-tenant campus known as Broadway 101 Commerce Park traded for $168.3 million, in a transaction that represented the largest single deal for an industrial park in the Southeast Valley of Phoenix.
During the same week, LaSalle Investment Management also made a notable purchase in the metro: the company picked up a 536,122-square-foot, five-building industrial campus in Tempe, Ariz.
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