Westcore, a leading industrial real estate acquisition, development and asset management firm, has completed a $92.7 million forward purchase of Hatcher Industrial Park from Ryan Companies US, Inc. Westcore partnered with Ryan one year ago for the development of the property, and this marks the completion of the project and sale.
The two-building industrial campus is in Glendale, Arizona and further expands the Westcore’s Phoenix metropolitan area portfolio to approximately 3 million square feet.
The two Hatcher Industrial Park Class A warehouses sit on 54 acres and are comprised of:
• 519,167 square feet at 15101 W. Hatcher Road, and
• 386,958 square feet at 15151 W. Hatcher Road
At a combined total of 906,125 square feet, the warehouses feature 40-foot clear heights, ESFR sprinklers, eight grade-level doors, 167 dock high doors and ample parking, including EV parking. The industrial campus can provide access to the BNSF Railway and is just minutes from Loop 303 and Interstate 10.
Westcore is building out speculative office suites, equipping the buildings with full HVAC, LED warehouse lighting and dock packages with 40,000-pound-capacity levelers. The firm is also upgrading the building’s power capacity to meet the needs of sophisticated industrial tenants.
“The Phoenix industrial market has emerged as a Tier 1 market over the past couple of years and continues to attract a bevy of incredible companies from both within and outside the Phoenix metro area,” said Westcore Managing Director, Hack Adams. “Throughout our partnerships with Ryan Companies and JLL, we designed a project that will attract Fortune 500 and corporate tenants due to its well-thought-out specifications and design features. We are extremely proud to add these buildings to our growing Phoenix portfolio.”
Ryan Companies served as the developer and builder for Hatcher Industrial Park, and Ryan A+E Inc. was the architect.
JLL’s Tony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle assisted with the transaction and are managing the leasing efforts for Hatcher Industrial Park.
According to JLL’s Q2 2023 Industrial Insights report for Phoenix, the vacancy rate in the West Valley submarket, home to Hatcher Industrial Park, was a low 3.5%.