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IndiCap, Invesco Spin Off Glendale Warehouse for $90.5M
IndiCap, in partnership with Invesco, sold a 566,121-square-foot industrial building located within Virgin Industrial Park in Glendale, Arizona, for $90.5 million. At the same time, ERMCO, a manufacturer of liquid-filled distribution transformers for utility, commercial and industrial markets, said it was moving into the building at 15784 West Hatcher Road in Waddell, Arizona. It expects to be up and going by 2027.
IndiCap broke ground on the five-building, 1.5 million industrial park in 2023.
IndiCap and Invesco secured a loan for $88 million in late 2022 for the construction of the recently sold building. It was constructed by Graycor just off the Loop 303 Corridor.
IndiCap and Invesco were represented in the transaction by Marc Hertzberg, Riley Gilbert, and Kelly Royle of JLL. The buyer was represented by Sean Kropke, Michael Haenel, and Justin Smith of Cushman & Wakefield.
Don’t Miss Carter Andrus, Chief Operating Officer of Prologis, as the keynote interview at Connect Industrial Midwest.— taking place Tuesday afternoon, March 10, 2026, at Joe’s Live in Rosemont, IL.
- ◦Sale/Acquisition
