ARIZONA NEWS

Valley facility leased to Amazon changes hands in largest industrial sale this year

Jul 21, 2024, 5:00 AM

Rendering of a 1.2 million-square-foot Glendale warehouse fully leased to Amazon that sold in July ...

A 1.2 million-square-foot Glendale warehouse fully leased to Amazon sold in July 2024 for $128.1 million. (Cushman & Wakefield Rendering)

(Cushman & Wakefield Rendering)

A 1.2 million-square-foot warehouse fully leased to Amazon has sold in the largest single-building industrial transaction so far this year for metro Phoenix.

The Glendale facility was acquired earlier this month by an entity connected to BlackRock Realty Advisors Inc. for $128.1 million in an all-cash deal, or more than $100 per square foot, according to Maricopa County and Arizona Corporation Commission records.

Amazon.com Inc. signed a full-building lease for 10 years for the warehouse in March, according to county records and the Phoenix Business Journal. It was one of three major leases signed by Amazon in 2024 in the Valley.

The facility at 15301 W. Northern Ave. was developed by Chicago-based CRG as part of the larger 335-acre Cubes at Glendale industrial park near the Loop 303 and Luke Air Force Base.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Valley facility leased to Amazon changes hands in largest industrial sale this year