The building was sold to an entity formed by Principal Real Estate Investors, a subsidiary of the global asset management company Principal Financial Group. Opus reports it is unable to disclose the project’s cost or sale price.
The sale represents Opus’ first full life-cycle project since entering the Phoenix market. Additionally, Opus has a robust pipeline of planned industrial, office, healthcare, and multi-family developments for the area.
“The Phoenix industrial market is extremely strong, especially for an in-fill project such as this due to land scarcities in the Airport submarket. We are pleased to have finalized this sale with one of the leading institutional real estate investment firms, Principal Real Estate Investors,” said Sean Cummings, vice president of Opus Development Company, L.L.C. “We’re proud of our role in improving the land significantly with this unique development as the largest building in the submarket by more than 100,000 square feet. We look forward to bringing more projects to the area in the near future.”
Located on 23 acres of land near the Phoenix Sky Harbor International Airport, the project provides convenient access to a full-diamond interchange less than one mile from Interstate 17.
This next-generation facility offers 36-foot clear heights, 100 percent concrete, fully secured truck courts, 65 excess trailer stalls, two acres of excess land for parking or outside storage and is HVAC-ready. Additionally, the project will be LEED silver certified.
Opus Development Company, L.L.C. was the developer, Opus Design Build, L.L.C. was the design-builder and Opus AE Group, L.L.C. was the architect and structural engineer of record. Ware Malcomb was the design architect.