Transwestern Real Estate Services (TRS) announced that it brokered the $16.5 million sale of 24 acres of prime infill land in Phoenix. The Transwestern team of Senior Vice President Paul Borgesen, Vice President Dylan Sproul and Senior Associate Royden Hudnall represented both the seller, Hensley Beverage Group, and the buyer, Pritzker Realty Group (PRG), in the sale of 4507 N. 45th Ave.
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The acquisition marks a significant milestone in PRG’s expansion into Phoenix’s thriving industrial market. The vacant site, which had no future operational use for Hensley Beverage, will serve as the foundation for PRG’s first speculative industrial development in the Phoenix metropolitan area. PRG’s plans include the development of two Class A, speculative warehouses totaling 418,000 square feet.
“Pritzker Realty Group is very excited about the acquisition of this land and the opportunity it provides for our development plans in the area,” said Katie Michel, Senior Vice President, Pritzker Realty Group. “The land fits squarely in PRG’s acquisition strategy, as an urban infill location with excellent access to the region’s transportation infrastructure.”
Located near the northwest corner of 43rd Avenue and Indian School Road in the Santa Fe Industrial Park, the site offers unparalleled access to major freeways and a central location ideal for e-commerce, logistics, and distribution users. The planned development will feature state-of-the-art specifications, including high clear heights, efficient building layouts, and sustainable design features, catering to a wide range of industrial tenants. Construction is slated to begin in the second quarter of 2025, with project completion expected in early 2026. The project team includes Ware Malcomb (architects) and FCL Builders (general contractor).
“Infill land opportunities like this are increasingly rare in a market as competitive as Phoenix,” said Borgesen. “This property’s strategic location and proximity to key transportation routes made it an ideal choice for PRG’s first speculative industrial project in Phoenix. We’re proud to have facilitated a deal that will bring significant economic value to the area.”
The site is located in the Grand Avenue submarket, which consisted of 13.7 million square feet of industrial space with 7.7% vacancy, as of the close of third quarter 2024, according to Transwestern research.
