Logistics Property Leases 1 MSF Phoenix Campus

Logistics Property Co. has leased two Class A warehouses totaling 1 million square feet at Olive Logistics Center in Glendale, Ariz. The campus, which came online last year, is now fully leased.

In 2023, JP Morgan Chase originated two construction loans for Olive Logistics Center—a $44 million note for Building 1 and a $30.5 million loan for Building 2, respectively.

Located at West Olive Avenue on 66 acres, the campus is just off Arizona State Route 303, 15 miles from downtown Glendale and 25 miles from Phoenix.

The two structures at Olive Logistics Center feature 40-foot clear heights, 50-foot by 56-foot column spacing and a 407-kW solar carport system with a renewable annual power of 707,000 kWh. Speed bay depth reaches 60 feet, while truck court depth is 190 feet. Moreover, each structure comprises 3,000 square feet of office space. Olive Logistics Center is also LEED Gold.

Building 1 spans roughly 612,000 square feet at 17210 W. Olive Ave. The facility includes four loading doors at grade level and 113 dock-high doors, as well as 368 parking spaces and 145 trailer stalls. Meanwhile, Building 2 encompasses 420,000 square feet at 17240 W. Olive Ave. The warehouse includes four loading doors at grade level, 71 dock-high doors, 473 parking spaces and 104 trailer stalls.

Cushman & Wakefield represented both parties in the lease. Executive Vice Chairs Andy Markham, Phil Haenel and Mike Haenel oversaw the transaction on behalf of Logistics Property Co., while Executive Managing Director Jim Wilson brokered the deal on behalf of the tenant.

Sustainable warehouses in demand

Industrial market trends suggest that tenants are shifting towards greener alternatives. Owners who prioritize sustainable amenities, such as solar-powered infrastructures and energy-efficient installations, will be likely to benefit from faster dealmaking.

Earlier this month, Logistics Property Co. secured another recent agreement at one of its Philadelphia warehouses. The operating company signed leasing for South Penn Logistics Center, a 973,200-square-foot, Class A warehouse in Morrisville. Industrial Brokerage Group oversaw the deal for the LEED Silver property.