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On Jan. 25, Houston-based real estate investment firm Lovett Industrial announced that it has made a deal to acquire 139 acres in Glendale, Arizona.
According to a press release, Lovett will use the property to develop NorthPark Logistics Center, a planned two-building, 1.7 million-square-foot Class A industrial campus, which will be the company's second project in the greater Phoenix area.
"We feel that this is an ideal time to have control of a large-scale site in the west Valley of Phoenix, where tenant demand continues to set records and building size requirements continue to increase," Senior Managing Director of Lovett Industrial Ted Hart said, according to the press release. "NorthPark Logistics Center can be tailored to a tenant’s specific needs, including building configuration and the ability to accommodate a significant amount of trailer storage."
The project site is located in the Woolf Logistics Center just north of Luke Air Force Base and, with access to the nearby Interstate 10 and Route 303, will offer potential tenants connectivity to the greater Phoenix area and other western markets.
The firm plans to offer the land for potential build-to-suit requirements. Upon completion, the development will consist of two cross dock buildings with one of the buildings totaling approximately 1.1 million square feet and the other building totaling approximately 600,000 square feet.
The firm is also currently developing the I-10 Innovation Center in Tolleson, Arizona, a two-building 650,000-square-foot project located at the southwest corner of 91st Avenue and I-10.
Founded in 2020, Lovett Industrial is a Houston-based real estate investment platform. The company is currently active in six markets across the U.S. and has holdings including approximately 6.8 million square feet of available and under construction warehouse space and more than 10 million square feet of space planned for future development.