CRG Sells Phoenix-Area Industrial Facility for $83M

The Cubes at Glendale – Building E. Image courtesy of CRG

CRG has sold The Cubes at Glendale’s Building E, a 570,080-square-foot speculative industrial facility in Glendale, Ariz., to Fundrise for $82.6 million. Cushman & Wakefield assisted the seller and procured $58 million in acquisition financing for the buyer.

The sale of Building E is the most recent deal that closed at The Cubes, an industrial park that will feature 5.5 million square feet of space at full build-out. CRG had previously sold off the 1.2 million-square-foot Building A to LaSalle Investment Management and the 637,000-square-foot Building D to US Merchants.

READ ALSO: Manufacturing’s Comeback Boosts Industrial Space Demand

CRG developed Building E in 2022 and completed it this January. The firm had its parent company, Clayco, serve as the project’s design-builder, while CRG’s integrated partner, Lamar Johnson Collaborative, was the project’s architect.

The cross-dock warehouse features a 40-foot clear height, 620-foot building depth, 87 dock-high doors and four grade-level doors, as well as an ESFR fire sprinkler system and high-efficiency LED lighting. The property also includes 132 trailer parking stalls and 356 auto parking stalls.

Located at 7421 N. Reems Road, Building E provides easy access to Loop 303 and the Northern Parkway. The facility is 6.5 miles from Interstate 10 and 30 miles from Phoenix Sky Harbor International Airport.

Cushman & Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller and Molly Hunt represented CRG, while Rob Rubano, Brian Share, Max Schafer and Becca Tse arranged the acquisition financing for Fundrise.

Focusing on Phoenix’s industrial market

For Chicago-based CRG, The Cubes at Glendale adds to its national portfolio of more than 53 million square feet of industrial projects that currently are in various stages of development. The firm’s completed facilities have attracted major tenants like Amazon, Lowe’s and McKesson.

Shawn Clark, president of CRG, said in prepared remarks that Phoenix was an important part of the firm’s strategy that focused mainly on the West Valley submarket since it’s become an industrial hotspot.

Elsewhere in the Phoenix metro, CRG is working on The Cubes at Mesa Gateway, another master-planned industrial park that will eventually encompass 4 million square feet by 2025. The firm acquired the project’s 268-acre development site in October 2021.

More recently, CRG purchased a 200-acre site in Lebanon, Tenn., with plans to develop it into a 2.8 million-square-foot industrial park. The project marks the company’s entry into the Nashville market.