➤ Key Highlights
Trammell Crow sold Elliott Gateway, a 516K SF four-building Mesa park, to Cohen Asset Management for $98M.
The Mesa site off Loop 202 / Elliot Rd traded fully leased.
Partners Group and ViaWest secured $122M in bridge financing (via Pacific Life) on The Base, a 1,182,865 SF, seven-building Glendale campus.
Construction and make-ready TIs at The Base completed in early 2026.
Big-box leasing nationally surged ~80% YoY off the 2025 oversupply trough.
➤ Signal
Demand for stabilized Sun Belt logistics is back at institutional scale, while fresh supply is being bridged to lease-up rather than stranded.
The two June 23 prints tell complementary halves of one story. Cohen buying a fully-leased Mesa park is the exit side — stabilized cash flow finding a buyer at $98M. Partners Group/ViaWest bridging a just-delivered 1.18M SF Glendale campus is the creation side — fresh supply being financed through lease-up rather than dumped.
That both happen on the same day in metro Phoenix matters. Arizona absorbed heavy 2021–24 development; liquidity returning to both ends of the cycle signals the oversupply overhang is being worked through, not just talked about.
The national backdrop supports it: big-box leasing up ~80% YoY, and power capacity is now underwritten alongside dock doors and clear height as AI, automation, and robotics reshape tenant specs.
For owners of stabilized Sun Belt logistics, the bid is back at scale. For developers holding 2025 deliveries, bridge debt is available — but it’s a clock, not a cushion. Underwrite the lease-up curve against a hard-cost base that’s still inflating.
➤ Takeaway
Phoenix industrial is clearing at both ends of the cycle — exits and new deliveries both found capital the same day.
Source: CRE Daily — June 23, 2026
