CIM Group Inks Major Industrial Lease in Phoenix

2250 S. Litchfield Road. Image courtesy of The Opus Group

CIM Group has signed a full-building lease with NPSG Global for a 450,619-square-foot industrial facility in Goodyear, Ariz.

Based in Kennesaw, Ga., NPSG Global is a third-party logistics provider which specializes in e-fulfillment warehouse implementation services, from design consultation to technical integration, buildout and retrofits.

CIM Group acquired the Class A, speculative warehouse in August for $56 million from The Opus Group. Situated on some 29 acres at 2250 S. Litchfield Road, the cross-dock warehouse came online in 2020, according to CommercialEdge data. The property features 36-foot clear heights and 190-foot truck courts, as well as numerous auto and trailer parking spaces.

Situated in Phoenix’s Southwest Valley submarket, the property is less than a mile from downtown Goodyear, with Interstate 10 roughly 2 miles north. The location is also close to another CIM Group industrial asset, a 276,200-square-foot facility also purchased from The Opus Group.

Shaul Kuba, co-founder & principal of CIM Group, said in prepared remarks that in-demand industrial buildings like the 2250 S. Litchfield facility must be well located and also meet ever-expanding logistics requirements.

A good year for industrial leases

Drawn by the low cost of labor and business-friendly climate, but also by the presence of several Opportunity Zones and a Foreign Trade Zone, more and more companies have come to Goodyear in the last 12 months.

In October, Abercrombie & Fitch partnered with GXO Logistics to establish a West Coast hub in Goodyear. The company leased a 715,000-square-foot, Westcore-owned development within the 1,600-acre PV 303 master-planned business park.

FedEx opened a local sortation center in November, part of an expansion program aiming to add up to 14.4 million square feet of sortation capacity in time for the winter holiday season. The firm leased a 425,000-square-foot warehouse in Prologis Commerce Park at Goodyear, a four-building industrial campus totaling more than 1.7 million square feet.

In January, HelloFresh subsidiary Factor signed a full-building lease for 300,100 square feet at Yuma|143, an industrial campus developed by the joint venture of Baker Development Corp., Foundation Capital Partners and GTIS Partners.

According to a recent CommercialEdge report, the Greater Phoenix industrial market had a 4.5 percent vacancy rate as of March.