BlackRock Realty buys 1.2M sf warehouse outside Phoenix for $128M

BlackRock Realty Advisors has bought a 1.2 million-square-foot warehouse leased to Amazon.com outside Phoenix for $128.1 million.

An affiliate of the New York-based investor purchased the building at 15301 West Northern Avenue in Glendale, northeast of Phoenix, the Phoenix Business Journal reported.

The seller was Chicago-based CRG, which developed the 335-acre Cubes at Glendale industrial park near Loop 303 and Luke Air Force Base.

The deal, the largest single-building sold in greater Phoenix this year, works out to $107 per square foot.

Brokers Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s national industrial advisory group represented CRG in the sale.

CRG developed the single-story warehouse known as Building B last year on 77 acres. In March, Amazon signed a lease for 10 years, among three major leases signed by the company  this year in greater Phoenix, according to the Business Journal.

The gated warehouse, designed by Lamar Johnson Collaborative near Northern Parkway and Interstate 10, has a 40-foot clear height, trailer parking, concrete truck courts, power, ESFR sprinklers and two groundwater wells.

CRG has now sold four of its industrial buildings at the Cubes project in Glendale for more than $407 million. Besides Amazon, companies at the Cubes include Williams Sonoma, US Merchants and Saddle Creek Logistics Services.

The biggest sale of the year comes on the heels of other hefty industrial deals around Phoenix.

In June, Stonelake Capital Partners bought two industrial properties near the Phoenix Goodyear Airport for $108 million, according to the Business Journal, after Packaging Corporation of America bought a 364,700-square-foot facility in Glendale for $74 million. 

Between January and March, industrial sales volume in Phoenix was $471 million, a 15.2 percent decrease from late last year, according to Colliers International. This was the lowest sales volume recorded since the second quarter of 2020.

Blackrock Realty Advisors, a unit of New York-based BlackRock, in May had $2.1 billion in assets under management, according to CapEdge.

— Dana Bartholomew

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