JLL completes $90.6 million industrial building sale in for IndiCap, Invesco in Glendale, Arizona

GLENDALE, AZ – IndiCap, a commercial real estate firm specializing in industrial investment and development throughout the U.S. Southwest, in partnership with Invesco Ltd. (NYSE: IVZ), a publicly traded, global independent investment management firm, announced today the completion of the sale of a 566,121-square-foot industrial building located within Virgin Industrial Park in Glendale, Arizona, to an undisclosed buyer. The transaction closed for a total consideration of $90,579,360.

IndiCap and Invesco were represented in the transaction by Marc Hertzberg, Riley Gilbert, and Kelly Royle of JLL (NYSE: JLL). The buyer was represented by Sean Kropke, Michael Haenel, and Justin Smith of Cushman & Wakefield.

The asset is held by VIP Industrial Holdings, LLC and is located at 15784 West Hatcher Road, Waddell, AZ 85355. The modern industrial facility is situated within the rapidly growing West Valley submarket, a region that continues to see strong demand driven by manufacturing, logistics, and infrastructure investment.

“This sale represents a successful execution of our business plan at Virgin Industrial Park and highlights the continued demand for high-quality industrial assets in the West Valley,” said Mike Chernine, partner and CEO of IndiCap. “Working alongside Invesco, we were able to capitalize on strong market fundamentals while delivering an outcome that aligns with our long-term investment strategy.”

“This transaction reflects the depth of demand for institutional-quality industrial assets in the Phoenix West Valley,” said Riley Gilbert, vice chairman at JLL. “Virgin Industrial Park is a premier asset, and IndiCap and Invesco were well positioned to take advantage of strong interest and favorable market fundamentals.”

Virgin Industrial Park is a premier industrial development in Arizona’s West Valley, benefiting from proximity to major transportation corridors and a skilled labor base. The sale reflects continued confidence in the region’s long-term growth fundamentals.