CRG Sells Phoenix Facility for $128M

CRG has sold The Cubes at Glendale – Building B, a more than 1.2 million-square-foot industrial warehouse in Glendale, Ariz., with the assistance of Cushman & Wakefield.

Multiple funds and accounts managed by BlackRock acquired the Amazon-leased asset for $128.1 million, according to Maricopa County records.

The warehouse is part of a 335-acre industrial park with both speculative and build-to-suit projects. Constructed in multiple phases, the campus will consist of 5.5 million square feet at full build-out. Tenants include Red Bull, White Claw, Walmart and FedEx.

The Cubes at Glendale Building B, up close

The developer completed the Class A distribution center in September 2022. A $111 million construction loan originated by Commerce Bank financed its construction, CommercialEdge information shows.

CRG’s parent company, Clayco, serves as the project’s design-builder, while Lamar Johnson Collaborative was the architect.

The cross-dock building features 40-foot clear heights, 213 dock-high loading doors and four drive-in doors, as well as 60-foot bay spacing. The property also has 694 parking spaces, 416 trailer stalls and 190-foot truck courts.

The 77-acre asset is at 15301 W. Northern Ave., some 9 miles from downtown Glendale and 23 miles from downtown Phoenix. In addition, Phoenix Sky Harbor International Airport is 27 miles southeast.

Cushman & Wakefield Executive Vice Chair Will Strong and Director Michael Matchett, together with Senior Associates Molly Hunt and Dean Wiley of the firm’s National Industrial Advisory Group, represented the seller in the deal.

CRG’s recent industrial transactions

CRG has developed about 220 million square feet of real estate properties over the years, across some 12,500 acres. The company’s development portfolio totals $14 billion in assets.

Last year, CRG sold another Cubes at Glendale facility, Building E. Fundrise acquired the 570,080-square-foot speculative industrial building for $82.6 million, in a deal brokered by Cushman & Wakefield.

In April, the firm sold 77 acres at The Cubes at West Port, a 764-acre industrial park in Ellabell, Ga., to third-party logistics company Lecangs. CRG, together with Clayco, will construct a more than 1 million-square-foot building for the new owner.