ViaWest Group has completed the sale of Central Logistics Center (CLC), a 24.9 acre industrial complex housing three Class A general industrial buildings and a cold storage building. Cushman & Wakefield’s Will Strong and Greer Oliver along with Cooper Fratt, John Werstler, and Tanner Ferrandi of CBRE, represented ViaWest Group in the sale to Westcore, a real-estate investment company based in San Diego, CA.
This complex project was recognized by NAIOP Arizona as the 2021 Best of NAIOP Redevelopment Project of The Year.
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Located at Central Avenue and Buckeye Road, in the Sky Harbor Airport Metropolitan Phoenix submarket this property has a storied history of use over the past 100 years. Notably, this includes the operations of a 1940s vintage Coca-Cola facility that has long since shut down. The combination of an existing 195,510 s.f. twin-T concrete building and an old, 76,189 s.f. cold-storage facility, along with an additional +/- 9 acres of extremely well-located, developable land led ViaWest to purchase the property in June 2019.
After extensively researching the supply/demand imbalance of cold storage and freezer space in Phoenix, ViaWest opted to renovate the cold storage building to include 66,189 s.f. of freezer space and 10,000 s.f. of refrigerated distribution and operations space. Bay Logistics, a 3PL that provides logistics services for the Coca-Cola brand airlife began operations in the freezer/refrigerator space in November 2021.
In addition to the freezer renovation, ViaWest developed two brand-new Class A industrial buildings of 72,349 s.f. and 94,612 s.f. on the vacant land. The larger building became a spec-to-suit for plumbing supply company Ferguson, the tenant who has operated out of the existing 195,510 s.f. for over a decade. Upon completion, Ferguson moved their operations to the new build utilizing the adjacent 4.5-acre outdoor storage yard. They are now fully operational in this new space. The new 72,349 s.f. building has been leased by the autonomous rideshare company, Waymo who will begin their operations on site in Q4 2022.
Cooper Fratt of CBRE on CLC’s leasing attributes, “Given the infill location and diverse product type, Central Logistics Center has offered very unique features that Industrial users cannot find anywhere else in the Valley. Up to this point, every building has been leased prior to construction completing and we have been thrilled to be a part of it.”
ViaWest has been retained by Westcore as construction manager to finish the business plan regarding the now vacant 195,510 s.f. The first step of this is to demolish a 30,000 s.f. add-on building and reduce the existing building’s footprint to 165,510 s.f. This frees up valuable trailer parking space on the north side of the property and improves functionality and circulation for the entire property. Once this is completed, the remaining building will be renovated to modern industrial standards ahead of any future tenant taking occupancy.
Alex Boles, Director of Development & Investment, ViaWest Group, remarked, “The redevelopment and renovation of Central Logistics Center was complicated, but proved to be an extremely rewarding project and ultimately a great win for downtown which is underserved with last-mile facilities. CLC offers state-of-the art cold storage space to a growing demand with very limited availability and new general industrial product, with yard, in a submarket where land is very limited. Ultimately one additional building could be constructed onsite. We are proud of this deal and the recognition it received.”
Will Strong, Cushman & Wakefield, expressed “Central Logistics Center is a landmark industrial project that through ViaWest’s vision has been completely transformed into a modern, award-winning redevelopment in the state of Arizona. Furthermore, under ViaWest’s stewardship, this uniquely functional project has experienced strong tenant success contributing to the Phoenix Metro’s recent sensational industrial growth.”
