Saddle Creek Logistics Enters Arizona, Signs 570 KSF Lease

Fundrise bought The Cubes at Glendale – Constructing E from Clayco this 12 months. Picture courtesy of CRG

Fundrise has signed Saddle Creek Logistics Companies as a tenant at The Cubes at Glendale – Constructing E, a 570,080-square-foot industrial constructing in Glendale, Ariz. The logistics firm, specialised in designing and delivering omnichannel logistics options for producers, retailers and ecommerce firms, will occupy the complete facility.

The lease marks Saddle Creek’s entrance into the Arizona market. Newmark Senior Vice President Ladson Montgomery, Managing Director Rob Stephens and Affiliate Chase Gabriel brokered the transaction on behalf of the tenant.

A part of a large industrial campus

Constructing E is likely one of the warehouses at The Cubes at Glendale, a 5.5 million-square-foot, 355-acre industrial challenge. Fundrise bought the property this 12 months from Clayco for $82.6 million, financing its acquisition with a $58 million mortgage from Allianz, in keeping with CommercialEdge knowledge.

Accomplished in 2022, the 620-foot-deep constructing options 40-foot clear peak, 87 dock-high doorways, 4 massive grade degree doorways, 190-foot concrete truck courts, 132 trailer parking stalls and 356 auto parking stalls. The Class A property has energy-efficient LED lighting, insulated ceilings and an ESFR fireplace sprinkler system.

Situated at 7421 N. Reems Highway within the West Valley submarket, the warehouse is roughly 30 miles from downtown Phoenix. The 36.8-acre web site is inside the Loop 303 Hall and close to the newly constructed Northern Parkway.

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Clayco’s CRG partnered with Phoenix-based Chicken Canine Industrial for the event of The Cubes and broke floor on the challenge in 2021. The master-planned industrial park is at present beneath development and can be developed in phases over a five-year interval. Clayco serves as basic contractor and Lamar Johnson Collaborative supplied structure providers.

Among the park’s accomplished warehouses have already discovered totally different homeowners. LaSalle Funding Administration bought the 1.2 million-square-foot Constructing A for $135 million, whereas US Retailers paid $62 million for the 637,040-square-foot Constructing D.

Phoenix, nonetheless a hotspot for industrial exercise

Phoenix continues to draw quite a few firms working within the manufacturing, warehousing and logistics sectors. The metro’s emptiness price clocked in at 3.2 % in August, second after the Central Valley among the many western markets and 120 foundation factors decrease than the nationwide 4.4 %, a latest CommercialEdge report reveals.

As for industrial improvement, The Valley had 51.3 million sq. ft within the pipeline as of August, representing 14.1 % of inventory, the best share within the U.S.

Lots of the metro’s new developments are underway within the West Valley submarket, having Glendale as point of interest. Simply a few days in the past, LPC Desert West broke floor on a $515 million industrial challenge totaling 2.4 million sq. ft. Completion is anticipated within the fourth quarter of 2024.

And, earlier this month, ViaWest Group commenced development on a 144-acre industrial improvement additionally in Glendale. The challenge’s Section 1 will include seven buildings totaling 1.2 million sq. ft, scheduled for supply within the fourth quarter of 2024.