**IndiCap and Invesco Sell Glendale Industrial Property for $90.5M**
IndiCap, in partnership with Invesco, has sold a 566,121-square-foot industrial building located in Virgin Industrial Park in Glendale, Arizona, for $90.5 million. The facility, situated at 15784 West Hatcher Road in Waddell, will be occupied by ERMCO, a manufacturer of liquid-filled distribution transformers catering to utility, commercial, and industrial markets. ERMCO plans to begin operations at the site by 2027.
Virgin Industrial Park, a five-building, 1.5 million-square-foot development, broke ground in 2023. The recently sold building, constructed by Graycor, is located near the Loop 303 Corridor. IndiCap and Invesco secured an $88 million construction loan for the project in late 2022.
The transaction was brokered by Marc Hertzberg, Riley Gilbert, and Kelly Royle of JLL, who represented the sellers. Sean Kropke, Michael Haenel, and Justin Smith of Cushman & Wakefield represented the buyer.
