The news of a 500,000-square-foot lease at The Cubes at Glendale – Building E in Arizona is making waves on the national industrial real estate scene. This latest development adds to the region’s impressive pipeline of projects, solidifying its position as second in the nation.
Saddle Creek Logistics Services has signed on as a tenant for Fundrise’s newly acquired property. The entire 570,080-square-foot building will be occupied by this logistics company.
Building E is part of The Cubes at Glendale, an expansive industrial project spanning 5.5 million square feet and completed in 2022. Fundrise purchased this property from Clayco earlier this year for $82.6 million with financing from Allianz through a $58 million loan.
Several other warehouses within the park have already been sold to different owners: LaSalle Investment Management acquired Building A for $135 million while US Merchants paid $62 million for Building D totaling over one and half-million square feet combined.
In addition to these recent developments, LPC Desert West recently broke ground on another massive industrial project worth over half a billion dollars and spanning 2.4 million square feet with completion expected by late-2024.
