Pritzker Realty recently acquired a 24-acre infill property in Phoenix for $16.5 million from Hensley Beverage Group. The vacant land, which was no longer needed by Hensley Beverage, will be the site of PRG’s first speculative industrial development in the Phoenix metro area. This project includes two Class A warehouses totaling 418,000 square feet.
The sale was facilitated by a team from Transwestern consisting of Paul Borgesen, Dylan Sproul and Royden Hudnall who represented both parties involved.
According to AZ Big Media, construction is set to begin in Q2 of 2025 with an estimated completion date of early 2026. Ware Malcomb has been selected as the architect for this project while FCL Builders will serve as general contractor.
The property is located in the Grand Avenue submarket which currently has a vacancy rate of 7.7% and over 13 million square feet of industrial space according to research conducted by Transwestern during Q3 of 2024.
