The Cubes at Glendale – Constructing E. Picture courtesy of CRG
CRG has bought The Cubes at Glendale’s Constructing E, a 570,080-square-foot speculative industrial facility in Glendale, Ariz., to Fundrise for $82.6 million. Cushman & Wakefield assisted the vendor and procured $58 million in acquisition financing for the client.
The sale of Constructing E is the latest deal that closed at The Cubes, an industrial park that can characteristic 5.5 million sq. ft of house at full build-out. CRG had beforehand bought off the 1.2 million-square-foot Constructing A to LaSalle Funding Administration and the 637,000-square-foot Constructing D to US Retailers.
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CRG developed Constructing E in 2022 and accomplished it this January. The agency had its dad or mum firm, Clayco, function the challenge’s design-builder, whereas CRG’s built-in accomplice, Lamar Johnson Collaborative, was the challenge’s architect.
The cross-dock warehouse contains a 40-foot clear top, 620-foot constructing depth, 87 dock-high doorways and 4 grade-level doorways, in addition to an ESFR hearth sprinkler system and high-efficiency LED lighting. The property additionally contains 132 trailer parking stalls and 356 auto parking stalls.
Positioned at 7421 N. Reems Street, Constructing E gives easy accessibility to Loop 303 and the Northern Parkway. The power is 6.5 miles from Interstate 10 and 30 miles from Phoenix Sky Harbor Worldwide Airport.
Cushman & Wakefield’s Will Robust, Phil Haenel, Micki Pressure, Kirk Kuller and Molly Hunt represented CRG, whereas Rob Rubano, Brian Share, Max Schafer and Becca Tse organized the acquisition financing for Fundrise.
Specializing in Phoenix’s industrial market
For Chicago-based CRG, The Cubes at Glendale provides to its nationwide portfolio of greater than 53 million sq. ft of commercial initiatives that at present are in numerous phases of growth. The agency’s accomplished services have attracted main tenants like Amazon, Lowe’s and McKesson.
Shawn Clark, president of CRG, stated in ready remarks that Phoenix was an essential a part of the agency’s technique that targeted primarily on the West Valley submarket because it’s turn into an industrial hotspot.
Elsewhere within the Phoenix metro, CRG is engaged on The Cubes at Mesa Gateway, one other master-planned industrial park that can ultimately embody 4 million sq. ft by 2025. The agency acquired the challenge’s 268-acre growth website in October 2021.
Extra lately, CRG bought a 200-acre website in Lebanon, Tenn., with plans to develop it right into a 2.8 million-square-foot industrial park. The challenge marks the corporate’s entry into the Nashville market.
