Westcore Pays $93M for Phoenix-Area Campus

CrossHarbor Capital Partners provided more than $73 million in acquisition financing.

Hatcher Industrial Park

Hatcher Industrial Park. Image courtesy of Cushman & Wakefield

Westcore Properties has acquired Hatcher Industrial Park, a 906,125-square-foot campus in Waddell, Ariz. Ryan Cos. sold the asset for $92.7 million, public records show. The buyer financed the purchase with a $73.3 million loan from CrossHarbor Capital Partners, in a transaction arranged by Cushman & Wakefield.

Westcore co-developed the property with Ryan Cos. in 2022. The partnership secured a $61.6 million construction loan from Western Alliance Bank for the speculative project, previously known as Ryan at Woolf Logistics. The two-building complex came online earlier this month with both facilities still vacant.

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Situated on approximately 54 acres at 15101 and 15151 W. Hatcher Road, the industrial campus features 40-foot clear heights, six grade-level doors and 174 dock high doors. JLL is handling leasing at the property, according to CommercialEdge data.

Located within the 1,340-acre Woolf Logistics Center, Hatcher Industrial Park is in the Loop 303 Corridor of the Phoenix metropolitan area. The Southwest Valley site is adjacent to the BNSF Railroad and provides access to all major West Coast distribution hubs.

Cushman & Wakefield‘s Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower in the financing deal. In addition, Will Strong, Kirk Kuller, Micki Strain and Molly Hunt provided local market advisory.

Where the industrial sector blooms

Despite an overall slowdown in industrial development, the Phoenix metro outperforms all other markets in the sector. The Valley had approximately 58.4 million square feet of space under construction as of May, according to a CommercialEdge report which noted that some 13.5 million square feet of industrial projects broke ground in Phoenix just this year.

One of the larger developments kicked off last month, when Sunbelt Investment Holdings Inc. and Graycor Construction Co. started construction on a 4 million-square-foot industrial park in Goodyear, Ariz. At full build-out, the campus will include up to 16 buildings ranging from 32,400 square feet to 1.3 million square feet.

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