Prologis Pays $104M for Phoenix-Area Warehouse

March 23, 2026

Industrial Investment News Phoenix More West

A co-warehousing operator fully leases the big-box facility.

Prologis has acquired Cotton 303 Logistics Center, a 915,160-square-foot warehouse in Glendale, Ariz., in a deal arranged by Cushman & Wakefield and Colliers. The Pizzuti Cos. sold the asset for $104 million, according to Yardi Matrix.

Heitman Capital also held a stake in the divested asset, as reported by the Phoenix Business Journal. The big-box facility came online in 2022, marking the first project the two companies collaborated on across the market.

Cubework, a co-warehousing company, inked a seven-year, full-building lease in 2023. The firm provides commercial storage, truck parking, private and shared office space, conference rooms and live stream studios, as well as outdoor storage space, at this property. The facility features 40-foot clear heights, 162 dock doors and four ramps.

Located at 6801 N. Cotton Lane, the warehouse is close to Loop 303. The building is also about 5 miles from Luke Air Force Base, 10 miles from Interstate 10 and 27 miles from downtown Phoenix.

Cushman & Wakefield Executive Vice Chair Will Strong, alongside Directors Molly Miller, Jack Stamets and Michael Matchett, as well as Senior Associate Madeline Warren, represented the seller and procured the buyer. Colliers Vice Chairs Don MacWilliam and Payson MacWilliams provided leasing advisory services for the sale.

Prologis buys less, still sets records

Prologis acquired just 23 assets in 2025, down from 54 in 2024 and 85 the year before, according to its annual SEC report. It deployed nearly $1.5 billion last year across real estate investments, below 2024’s figure of more than $2.1 billion. As of December, the company owned and managed 756 million square feet across the U.S.

One of its 2025 acquisitions included an 11-asset portfolio deal across the Bay Area. That $315 million transaction marked the then-biggest sale of the year across the entire market. CalSTRS sold the collection.

While Prologis did not buy any Phoenix assets in 2025, the firm did divest some of its holdings across the market, according to Yardi Matrix. The firm sold a 221,512-square-foot collection to PSP Partners for $50.3 million in December 2025. At the end of the same month, Prologis owned 55 buildings across the metro.

The Valley of the Sun’s industrial investment showcased resilience, ranking third nationally, according to a Yardi Matrix report. Phoenix’s volume clocked in at $3.7 billion in 2025, below Detroit ($4.8 billion) and Dallas ($7 billion), but above Houston ($2.9 billion) and New Jersey ($2.8 billion), which rounded up the top five.