Libitzky Pays $29M for Phoenix-Area Industrial Asset
The property traded at a significantly higher price than the market average.
Libitzky Property Cos. has purchased a 141,117-square-foot industrial building in Mesa, Ariz., from Phelan Development. The asset traded for $29.4 million in a deal brokered by Cushman & Wakefield on behalf of the seller.
The facility features 32-foot clear heights, 6,000 amps of power and 28 dock doors, as well as three grade-level doors, among other functionalities. Cyclic Materials—a rare-earth elements recycling company—fully occupies the building for 10 years.
Located at 8341 E. Pecos Road, the property is about 38 miles southeast of downtown Phoenix, in a Foreign Trade Zone. The Mesa Gateway Airport operates less than 3 miles away, while thoroughfares such as U.S. Route 60 and Interstate 10 run within roughly 20 miles.
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The facility is part of Phelan Pecos Center, a three-building industrial park spanning 474,309 square feet. Phelan Development delivered the campus last year, and according to CommercialEdge information, with the help of a $39.9 million construction note issued in 2023. Texas Capital Bank provided the loan set to mature next year.
Libitzky Property Cos. owns and operates roughly 8 million square feet of commercial real estate, including office, industrial, flex, life science and retail properties. One of its previous metro Phoenix acquisitions closed last year when Libitzky paid $43.3 million for a 224,471-square-foot industrial park in Chandler, Ariz.
Cushman & Wakefield Executives Phil Haenel and Will Strong, together with Directors Foster Bundy and Molly Hunt, as well as Associate Katie Repine, represented Phelan Development in the sale proceedings.
Metro Phoenix, an industrial investment hotspot
Investors traded $449 million in metro Phoenix industrial assets during the first quarter, according to the latest CommercialEdge report. The Valley of the Sun outclassed all the other Western markets, edging Orange County ($392 million) and surpassing Los Angeles ($335 million).
Greater Phoenix’s industrial average price per square foot clocked in at $165, positioned well above the national figure of $126, the same source shows. 8341 E. Pecos Road traded for $208 per square foot, 26 percent higher than metro Phoenix’s average during the first three months.
Another recent Valley of the Sun industrial deal closed last month when ViaWest Group sold a 357,103-square-foot park in Tempe, Ariz. Notably, the industrial campus resulted from an office redevelopment.
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