Prologis Pays $104M
Prologis acquired the 915k SF Cotton 303 Logistics Center in the Phoenix/Glendale area for $104M — the asset is fully leased to co‑warehousing operator Cubework on a seven‑year term and features 40' clear heights and Loop 303 access. The deal signals institutional appetite for large, automation‑ready logistics assets in the western U.S. (commercialsearch.com)
The disposition was marketed and closed with Cushman & Wakefield and Colliers coordinating the transaction, and listing materials show The Pizzuti Cos. and institutional investor Heitman were the sellers. (orionprop.com) The building sits at 6801 N. Cotton Lane in the Glendale/Waddell submarket, was delivered in 2022 and occupies roughly 54–55 acres according to marketing and local reporting. (loopnet.com) On‑site engineering and dock capacity are notable: 162 exterior dock‑high doors, four 12' x 14' drive‑in doors, full cross‑dock capability, 50' x 56' column spacing, ESFR sprinklers and a 190' concrete truck court. (cubework.com) Lease documentation and offering materials diverge on term profile — the original tenant lease was announced in February 2023, marketing materials list a 4.5‑year WALT and rents about 14% below market, while public listings showed approximately 67 months remaining on the lease through July 31, 2030. (realestatedaily-news.com) Market trackers and CRE outlets cited the transaction details and noted Heitman’s prior stake in the project, while Yardi Matrix and local press carried the sale through commercial property feeds. (commercialsearch.com) Operating amenities promoted for the site include month‑to‑month flexible suites down to 300 square feet, 24/7 building access, on‑site staff, forklift rentals and turnkey fulfillment support as part of the tenant’s national co‑warehousing platform. (cubework.com)
