Glendale Industrial Building Sells for $15M to Manufacturer of Factory-built Housing

Article originally posted on Phoenix Business Journal on March 17, 2021

Phoenix-based Cavco Industries Inc. bought 118,241-square-foot class A industrial building in Glendale from Trammell Crow Co. for $15 million.

The sale fetched the highest price per square foot for a vacant shell building, $130, in the history of the Valley’s industrial market, according to data from CBRE Group Inc.

Cavco, a manufacturer of factory-built housing, will use the facility for the production of park models, cabins and cottages, which are used as seasonal dwellings or for the outdoor hospitality industry.

“We are excited to announce the addition of this facility to our existing manufacturing footprint,” Bill Boor, president and CEO of Cavco said in a statement. “Not only will it allow us to better serve our park model customers with a dedicated facility, it will also create additional capacity for HUD code homes at our Goodyear factory to serve the Southwest region of the U.S.”

The building is part of a four-building, 365,000-square-foot business park called Park Aldea. The project was completed in September 2020 and has some space remaining, including a 76,000-square-foot building and two move-in ready spec suites.

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