PHOENIX – Transwestern Real Estate Services (TRS) announces that it brokered the $16.5 million sale of 24 acres of prime infill land in Phoenix. The Transwestern team of Senior Vice President Paul Borgesen, Vice President Dylan Sproul and Senior Associate Royden Hudnall represented both the seller, Hensley Beverage Group, and the buyer, Pritzker Realty Group (PRG), in the sale of 4507 N. 45th Ave.
The acquisition marks a significant milestone in PRG’s expansion into Phoenix’s thriving industrial market. The vacant site, which had no future operational use for Hensley Beverage, will serve as the foundation for PRG’s first speculative industrial development in the Phoenix metropolitan area. PRG’s plans include the development of two Class A, speculative warehouses totaling 418,000 square feet.
“Pritzker Realty Group is very excited about the acquisition of this land and the opportunity it provides for our development plans in the area,” said Katie Michel, Senior Vice President, Pritzker Realty Group. “The land fits squarely in PRG’s acquisition strategy, as an urban infill location with excellent access to the region’s transportation infrastructure.”
Located near the northwest corner of 43rd Avenue and Indian School Road in the Santa Fe Industrial Park, the site offers unparalleled access to major freeways and a central location ideal for e-commerce, logistics, and distribution users. The planned development will feature state-of-the-art specifications, including high clear heights, efficient building layouts, and sustainable design features, catering to a wide range of industrial tenants. Construction is slated to begin in the second quarter of 2025, with project completion expected in early 2026. The project team includes Ware Malcomb (architects) and FCL Builders (general contractor).
“Infill land opportunities like this are increasingly rare in a market as competitive as Phoenix,” said Borgesen. “This property’s strategic location and proximity to key transportation routes made it an ideal choice for PRG’s first speculative industrial project in Phoenix. We’re proud to have facilitated a deal that will bring significant economic value to the area.”
The site is located in the Grand Avenue submarket, which consisted of 13.7 million square feet of industrial space with 7.7% vacancy, as of the close of third quarter 2024, according to Transwestern research.
Hensley Beverage Group
Founded by Jim Hensley in 1955, Hensley Beverage Company has deep roots in the Arizona community. From its humble beginnings to becoming a leading distributor, its journey has been fueled by a passion for beverages and dedication to our customers, supplier partners, and employees. Hensley Beverage Company proudly distributes an exceptional portfolio of beverage brands across Arizona. Offerings include Anheuser Busch brands as well as an array of craft, import, and domestic beers, non-alcoholic beverages, wine, and spirits. For more information, please visit https://hensley.com.
About Realty Pritzker Group
A PSP Partners company, Pritzker Realty Group (PRG) has invested in direct real estate through acquisition and development as well as in strategic joint ventures and real estate operating companies across commercial real estate classes. With investments of more than $10 billion since 1991, we now primarily focus on the long-term multifamily housing and industrial sectors in the United States, managing investments on behalf of family offices and institutional separate accounts in strategies that provide attractive risk-adjusted, after-tax returns.
We execute through our best-in-class, tenured team with decades of industry relationships and through a network of strategic, trusted partners. For more information, please visit https://www.psppartners.com/business-units/real-estate/.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
Media Contact:
Dan Foley
508.272.0017
dan.foley@transwestern.com
twmediarelations@transwestern.com
