Logistics Property Company Closes on 76 Acres for 1.2M-SF Sonoran Logistics Park in Buckeye, Arizona

Logistics Property Company, LLC (LogiPropCo) has closed on a 76-acre site at the intersection of Interstate 10 and Perryville Road in Buckeye, Arizona, for Sonoran Logistics Park, a planned two-building industrial development totaling 1,226,832 square feet in Phoenix's Southwest Valley, the firm announced Oct. 6. Cushman & Wakefield worked with the company on the transaction and will lead leasing for the project.

Construction is expected to begin in the fourth quarter of 2026, with delivery anticipated in early 2028.

Sonoran Logistics Park: Project Details

Sonoran Logistics Park will comprise two buildings with 36-foot to 40-foot clear heights and more than 15,000 amps of power available, according to the company. The site is located at the northwest corner of Interstate 10 and Perryville Road in Buckeye and sits on an industrially zoned parcel.

The park offers immediate access to Interstate 10, is within three miles of Loop 303 and is approximately 30 miles from Phoenix Sky Harbor International Airport. LogiPropCo described the location as a key industrial corridor with access to ports in California and Mexico and within a one-day drive of 30 million customers.

Cushman & Wakefield and LogiPropCo Team

Brad Cushard, senior vice president, Mountain Region, and Andrew Spiegel, vice president, Mountain Region, represented Logistics Property Company. They worked with Cushman & Wakefield's Andy Markham, Michael Haenel and Phil Haenel on the transaction. The Cushman & Wakefield team will also serve as the project's leasing representatives.

"Sonoran Logistics Park will be our third development in the Phoenix area, following our Palm Gateway project in Mesa and Olive Logistics Center in Glendale," Cushard said. "We're proud to contribute to the continued growth of the Phoenix industrial market with a development designed to meet the evolving needs of today's businesses. This project reflects our long-term commitment to the Phoenix area and to creating high-quality industrial facilities, which support the needs of our clients, strengthen strategic logistics pipelines, and deliver long-term value to our investors."

Markham said LogiPropCo is making "a strategic purchase of well-located, industrially zoned land in one of the hottest markets in the country." He added, "The west valley of metropolitan Phoenix is seeing record absorption and robust demand for bulk warehousing and manufacturing facilities."

Expanding the Company's Arizona Footprint

Logistics Property Company has developed 1.6 million square feet of industrial space in Arizona to date, at Olive Logistics Center in Glendale and Palm Gateway Logistics Center in Mesa. Palm Gateway has approximately 240,000 square feet remaining available. Sonoran Logistics Park will be the company's third Phoenix-area development.

Headquartered in Chicago, Logistics Property Company is a vertically integrated real estate operating company and investment manager focused on the acquisition, development and management of modern logistics properties in key U.S. markets. The company owns or has under development approximately 30 million square feet of logistics facilities across 14 markets.

Phoenix Industrial Market Context

The project is planned as Phoenix industrial fundamentals improved in the third quarter of 2026, though reported metrics vary by brokerage methodology. Cushman & Wakefield reported overall vacancy of 10.3%, a 300-basis-point year-over-year decline, with 4.0 million square feet of quarterly absorption and 13.6 million square feet year to date. Average overall NNN asking rent reached $1.13 per square foot.

Other brokerage surveys showed similar direction. CBRE reported vacancy of 9.7%, down 150 basis points year over year, with net absorption of 1.59 million square feet and asking rents up 9.0% from a year earlier. Kidder Mathews reported total vacancy of 11.5%, down 180 basis points year over year, with direct net absorption of 2.85 million square feet and direct asking rents of $1.18 per square foot per month NNN. Newmark reported vacancy declining to 11.0% after approximately 2.5 million square feet of deliveries were met by 2.8 million square feet of quarterly net absorption. Savills reported vacancy of 13.3%, quarterly net absorption of 5.8 million square feet and asking rents of $0.87 per square foot per month, up 3.5% year over year.

The differing vacancy figures reflect varying coverage areas and measurement conventions across the firms.

Outlook

With construction slated to start in the fourth quarter of 2026 and delivery expected in early 2028, Sonoran Logistics Park will add 1.2 million square feet of bulk industrial space to the Southwest Valley. Cushman & Wakefield will handle leasing as the project advances.

Sources

• Logistics Property Company: Logistics Property Company Closes on Land for Sonoran Logistics Park, a Two-Building, 1.2 Million-Square-Foot Development in Phoenix's Southwest Valley