Glendale’s Cubes Find Tenant for 500K SF Building

While the news of a 500,000-square-foot lease of an industrial building is comparatively big on the national scene, news of leases that size in Phoenix is becoming a little ho-hum. More can be expected. The region is second in the nation in projects in the pipeline.

Fundrise has signed Saddle Creek Logistics Services as a tenant at The Cubes at Glendale – Building E, a 570,080-square-foot industrial building in Glendale, Ariz. The logistics company will occupy the entire facility.

Building E is one of the warehouses at The Cubes at Glendale, a 5.5 million-square-foot, 355-acre industrial project completed in 2022. Fundrise purchased the property this year from Clayco for $82.6 million, financing its acquisition with a $58 million loan from Allianz, according to CommercialEdge data.

Some of the park’s completed warehouses have already found different owners. LaSalle Investment Management purchased the 1.2 million-square-foot Building A for $135 million, while US Merchants paid $62 million for the 637,040-square-foot Building D.

Just a couple of days ago, LPC Desert West broke ground on a $515 million industrial project totaling 2.4 million square feet. Completion is expected in the fourth quarter of 2024.