ERMCO Drops $91M for Phoenix Industrial Facility
The firm plans to start operations in 2027.
Electric Research and Manufacturing Cooperative Inc. has paid $91 million for a industrial property in Waddell, Ariz., with Invesco Real Estate as the seller, Maricopa County public records show. Cushman & Wakefield represented the buyer, while JLL represented the seller.
The firm will occupy the property totaling more than 550,000 square feet, marking the Tennessee-based company’s first expansion west of the Mississippi River. ERMCO manufactures and distributes transformers and power solutions. The Waddell facility is slated to open in 2027, creating an estimated 500 new direct jobs in the area.
The building, located at 15784 W. Hatcher Road in Waddell, Ariz., roughly 30 miles west of Phoenix, will expand ERMCO’s three-phase distribution transformer production capacity.
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The property encompasses 566,121 square feet, including 4,070 square feet of office space. ERMCO’s new location is also known as Building A of Virgin Industrial Park, a campus co-developed by IndiCap and Invesco Real Estate.
Virgin Industrial Park is set to eventually include five Class A structures to total some 1.5 million square feet. Building A is the largest and is part of the first development phase, which includes two other completed structures totaling roughly 460,000 square feet. This first phase kicked off in 2023, with completion reached in September 2024. The second phase is slated to deliver two additional buildings. JLL is the leasing broker for the campus.
Building A features 36-foot clear heights, 93 dock doors, four grade-level doors, 748 vehicle parking spots and 106 trailer parking spots. IndiCap and Invesco Real Estate developed Virgin Industrial Park with the help of an $88 million construction loan issued in 2022 by Citizens Bank, Yardi Matrix shows.
Cushman & Wakefield Executive Director Sean Kropke, Executive Managing Director Bradley Migdal, Executive Vice Chairman Mike Haenel and Senior Associate Justin Smith represented ERMCO in the sale of the future manufacturing facility. IndiCap and Invesco were represented by JLL Executive Managing Director Marc Hertzberg, Senior Managing Director Riley Gilbert and Associate Kelly Royle.
ERMCO was founded in 1972 and currently operates plants in Tennessee, Georgia, Wisconsin, North Carolina, Texas, Quebec, Mexico, and now Arizona.
Phoenix industrial sector attracts more investment
The Valley of the Sun has seen notable investment activity as of late, with the U.S. industrial sector as a whole on track to have its biggest year since 2022, according to the latest Yardi Matrix industrial report. As of November 2025, metro Phoenix registered $3.2 billion in deals across the year, placing third nationally. Despite the massive pipeline of deliveries—29.6 percent of the market’s existing stock since the start of the decade—putting pressure on its vacancy, the metro remained an investment magnet.
The largest single-asset Phoenix industrial transaction of 2025 was Walmart’s $152.2 million purchase of a 1.3 million-square-foot facility. Lincoln Property Co. and Goldman Sachs sold the property, Building C within Luke Field in Glendale, Ariz., in a deal that closed in early December last year.
Another notable transaction was the $89.8 million sale of Fairway Commerce Center, a 450,260-square-foot facility in Avandale, Ariz. Westfield Co. and RGA ReCap Real Estate Investments sold the USPS-occupied property.
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