Prior to 2022, it's likely that few people in Litchfield Park, a suburb west of Phoenix, had ever heard of a company called Logistics Plus. By the end of 2022, however, the company was teed up to be the town's biggest industrial employer, thanks in no small part to this lease deal. Because of the transaction's significance, a panel of local real estate experts chose it for CoStar's 2023 Impact Award for best lease in the Phoenix region.
Erie, Pennsylvania-based Logistics Plus announced in December 2022 that it would open a new facility at Building A of the Sarival Logistics Center, a mint condition 1.16 million-square-foot warehouse on Litchfield Park's northwest side. The international third-party logistics company signed a 10-year agreement for the entirety of the building, which sits on a parcel near the intersection of Arizona State Route 303 and West Bethany Home Road.
The deal ranked as the Phoenix region's third largest industrial lease of 2022.
It was also the second large lease deal Logistics Plus signed in Litchfield Park over the course of the year. In May, Logistics Plus signed a full-building lease for Cabot303, a 543,000-square-foot warehouse at 6390 N. Alsup Road. That building is on a parcel immediately adjacent to the Sarival Logstics Center.
Between the two, Logistics Plus has 1.7 million square feet in Litchfield Park, more than e-commerce giant Amazon or Walmart.
Impact Award judges said the size of the Sarival Logstics Center lease, the number of jobs it would create and its broader economic impact on the community made the deal significant. The building is Logistics Plus' eighteenth fully managed warehouse location in the U.S., and that number is likely to grow, even as other logistics companies ramp back expansion plans, executives at the company said in December 2022. Logistics Plus describes itself as one of the fastest-growing privately owned transportation and logistics firms in the nation. It has roughly 1,000 employees and operates in 45 countries around the world.
About the project: Building A of the Sarival Logistics Center was developed by Minneapolis-based WPT Industrial Real Estate Investment Trust, which completed work there in 2022. It is the first phase of the project. The second phase could include up to 1.2 million additional square feet of industrial space.
They made it happen: Andy Markam, Michael Haenel and Phil Haenel of Cushman & Wakefield's Phoenix office represented the landlord. Jeremy Trotter of Foremost Commercial Real Estate Company represented the tenant.