Provident Expands to Phoenix
Construction is slated to start early next year on a Class A distribution facility.
6550 W. Orangewood Ave. rendering. Image courtesy of Provident Realty Advisors
Provident Realty Advisors has made its first Phoenix-area move with the acquisition of 16.6 acres in Glendale, Ariz. Plans for the site include a 302,400-square-foot warehouse/distribution facility. The sales price was not disclosed.
The property was previously purchased by the Maricopa County Regional School District for $1.64 million in 2004, according to CommercialEdge data.
Completion of the Class A distribution facility is anticipated for early 2024, with construction to start in the first half of 2023. Amenities are set to include 36-foot clear heights, 61 dock doors, 86 parking spaces equipped for trailers and a 185-foot truck court.
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Located at 6550 W. Orangewood Ave., the asset is visible from Grand Avenue with access to the larger Phoenix area. Despite office investment slowing down in Phoenix in the second quarter of 2022, the industrial market is set to surpass a record-breaking 2021 in the second quarter of 2022, according to a recent CBRE report. The same report shows 31.2 million square feet of industrial space under construction. Provident entered the Phoenix market with this acquisition, and has a total of 14 industrial sites across the Sunbelt.
Case Van Lare, Chris Martin and Cavanaugh Adams led Provident in the purchase, while CBRE’s John Werstler, Cooper Fratt and Tanner Ferrandi will head up leasing.
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