Cushman & Wakefield arranges sale of 1,156,860 SF building at Sarival Logistics Center in Phoenix Metro for $128.2 million

Cushman & Wakefield announced the firm has advised the sale of the 100% leased Sarival Logistics Center industrial project in Litchfield Park (Glendale), Arizona. Totaling 1,156,860 square feet (SF), the single-tenant building situated at 6390 North Sarival Avenue is fully leased to Logistics Plus, Inc., a leading worldwide provider of transportation, logistics, and supply chain solutions.

The property was acquired by EQT Real Estate, a global real estate investment manager, for $128.2 million. The seller was a real estate investment management firm focused on acquiring, developing, managing, and owning industrial properties across the U.S. They developed the building on a speculative basis, completing construction in 2022.

Will Strong, Molly Hunt, Michael Matchett, Jack Stamets, and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group—Mountain West represented the seller in the sale transaction. Cushman & Wakefield’s Mike Haenel, Andy Markham, and Justin Smith, who head leasing services for the project, provided market leasing advisory in the sale.

Cushman & Wakefield’s National Industrial Advisory Group and Leasing teams arranged the sale of 75 acres at the project site to the seller in late 2020, followed by securing the lease to Logistics Plus, Inc. in 2022.

“Sarival Logistics Center is a top-tier industrial asset in one of the most active logistics corridors in the Southwest, right along Loop 303,” said Andy Markham, Executive Vice Chair. “It pairs high-end design with excellent freeway access, making it a great fit for regional and national distribution. EQT Real Estate is picking up a strong, stabilized facility that’s set up for long-term success.”

“This transaction is a clear example of the seamless collaboration and deep expertise between Cushman & Wakefield’s Capital Markets and Leasing teams. Our integrated approach consistently drives successful outcomes for clients at every stage of the property lifecycle—from acquisition and development to lease-up and final disposition,” added Molly Hunt, Director.

Situated approximately 25 miles west of Phoenix, Sarival Logistics Center is strategically positioned at Loop 303 and West Bethany Home Road in the Glendale area—near the foot of Luke Air Force Base. The property provides exceptional frontage and immediate access to Loop 303 and is minutes from Interstate 10 and is less than six hours from the Ports of Los Angeles and Long Beach.

The Southwest Valley submarket continues to experience accelerated demand for industrial space. According to Cushman & Wakefield’s latest market report, the submarket reported 1.9 million square feet (MSF) of leasing activity coupled with 930,300 SF of positive net absorption in Q1 2025, leading all Phoenix Metro submarkets in both categories to begin the year. The quarterly performance also continued the strong momentum from 2024 in which the Southwest Valley tallied over 12.8 MSF of occupancy growth, representing 58% of Phoenix’s total annual industrial growth and most of all other regional submarkets by a distant margin.