Phoenix industrial properties rank among 2022’s priciest in the US, according to new report

Great American Title Agency is pleased to report that according to a new report published by CommercialSearch, the industrial real estate market is picking up steam with investors focusing on the most valuable assets across the country. As a result, some of the priciest industrial sales in history have been recorded. The report ranks 2022’s priciest industrial property transactions and examines how the top US markets fared in terms of yearly sales volume and average price per square foot.

Among the highlights, the report shows that three Phoenix industrial deals were among the nation’s 50 priciest industrial sales of 2022. The highest-ranking Phoenix entry was the $187 million sale of the Elliot 202, which was ranked 18th. The 1,194,923-square-foot building was acquired by the California State Teachers’ Retirement System from Marwest Enterprises for $156 per square foot on August 15th, 2022.

Additionally, the $135 million transaction of the Cubes at Glendale – Building A from CRG to LaSalle Investment Management ranked as the 44th priciest U.S. industrial deal of 2022. This 1,200,140-square-foot building was sold for $112 per square foot on September 30th, 2022.

Lastly, the $130 million portfolio sale of the Landing 3 property consisting of 7 buildings concluded the top 50 priciest industrial property transactions of 2022. The 525,342-square-foot property was sold for $247 per square foot on January 27th, 2022, by Dune Real Estate Partners to Cohen Asset Management.

As the industrial real estate market continues to heat up, Great American Title Agency remains committed to providing expert title and escrow services to clients in Arizona and beyond.