At a glance
- The seller was Clarius Partners.
- The $109 million price works out to roughly $150 a square foot.
- For allocators, the two trades imply a Phoenix price of roughly $140 to $150 a square foot for single-tenant industrial, with each building leased to one tenant.
LaSalle Investment Management, the investment company associated with JLL, paid $109 million for Building B at 303 Crossroads, a 734,000-square-foot warehouse in Glendale, according to Connect CRE. The seller was Clarius Partners.
The $109 million price works out to roughly $150 a square foot. LaSalle paid $140.2 million, or about $140 a square foot, for the 1,023,610-square-foot Building A last summer.
For allocators, the two trades imply a Phoenix price of roughly $140 to $150 a square foot for single-tenant industrial, with each building leased to one tenant. LaSalle did not say which vehicle holds the assets. LaSalle's Private Wealth Group, which runs JLL Income Property Trust and JLL Exchange, gets a new head when Michael Raso takes over on Jan. 1, 2027, as Private Wealth Daily previously reported.
With the purchase, LaSalle owns both buildings in the 98.6-acre park off Loop 303 and Northern Parkway. Clarius developed the park with Cresset Partners.
The two buildings total $249.2 million for about 1.76 million square feet, or roughly $142 a square foot. Building A is leased to Puma as its regional distribution center. Building B is leased to Scotts Miracle-Gro.
The smaller building cost more per square foot
Price, floor area, price per square foot and tenant for each Glendale warehouse
Building A
$140.2M
- Floor area
- 1,023,610 sq ft
- Price per sq ft
- $136.97
- Tenant
- Puma
- Owned since
- Last summer
Building B
$109M
- Floor area
- 734,000 sq ft
- Price per sq ft
- $148.50
- Tenant
- Scotts Miracle-Gro
- Seller
- Clarius Partners
Show as table
| Building A | Building B | |
|---|---|---|
| Figure | $140.2M | $109M |
| Floor area | 1,023,610 sq ft | 734,000 sq ft |
| Price per sq ft | $136.97 | $148.50 |
| Tenant | Puma | Scotts Miracle-Gro |
| Owned since | Last summer | |
| Seller | Clarius Partners |
Reported by the Deals desk from Connect CRE and Private Wealth Daily archive. Published . Corrections