Glendale Industrial Goes for Highest PSF in Phoenix History

The Loop 101 Corridor of the West Valley is underserved by industrial product, but a recent sale puts a dent in that dearth. Trammell Crow Company (TCC) recently sold a 118,241-square-foot class-A Phoenix industrial building to CAVCO Industries for $15 million.

The sale of the asset, which is located within TCC’s recently delivered Park Aldea business park at 10250 West Montebello Ave. in Glendale, achieved the highest sale price-per-square-foot for a shell building – $130 – in the Phoenix industrial market’s history. The property is part of a four-building 356,000-square-foot business park that was completed in September 2020. The asset known as Building D features 32-foot clear height, a dedicated truck court with a yard area for trailer storage and an ESFR fire safety system.

TCC is seeking users for the limited remaining space at Park Aldea, which includes a 76,322-square-foot building and two move-in ready spec suites between 14,000 and 21,000 square feet. TCC is planning to break ground later this year on Phase 2 of the Park Aldea business park, which will include an additional 500,000 square feet delivering in the first half of 2022.

Cooper Fratt, John Werstler, Tanner Ferrandi and Mitchell Stravitz with CBRE represented TCC in the sale, while Matt Frederick, Matt Hobaica and Kurt Saulnier of Lee & Associates represented the buyer.