Walmart snaps up land to expand Phoenix industrial holdings

Article originally posted on CoStar on August 11, 2026

Retail powerhouse buys nearly 80 acres across two deals

Walmart Inc. is bulking up its portfolio for future development in Phoenix.

The retail giant bought 79 acres in Buckeye across two deals, paying over $20 million for the land.

Walmart first acquired 39.09 acres near State Route 85 and Southern Avenue from Cardinal Capital Co. for $11.82 million on July 31. Less than a week later, Walmart paid $9.57 million for 40 acres on the southeast corner of Apache and Maricopa roads in a deal with Zeitlin Capital on August 5. The two sites are about five miles apart.

“We’re always looking for opportunities to expand and better serve communities. We have no information to share at this time,” Walmart said in a statement to CoStar News when asked how it plans to use the land.

These deals add to the more than 75 properties Walmart owns in Phoenix across retail buildings, industrial centers and land, according to CoStar.

A recent notable deal for the company is a $152.2 million purchase in late 2025 of a 1.28 million-square-foot warehouse in nearby Glendale. That purchase was Arizona’s priciest and largest industrial transaction of last year.

While the company’s plans for the just-bought sites are unknown, the locations in which Walmart bought are tied to industrial development.

Walmart’s transaction with Cardinal Capital was for 39 acres within the developer’s 144-acre industrial park called AZ85, which received approval from Buckeye City Council to move forward in 2024.

AZ85 is intended to target light industrial, logistics, distribution, manufacturing, wholesale, research and development, and multitenant uses, according to previous project documents.

Zeitlin Capital had been marketing its 40 acres for build-to-suit and land sale opportunities with the possibility of dividing the land in separate transactions, a brochure for Buckeye 40 shows.

The land for both deals carries city of Buckeye addresses, but these transactions were considered to have taken place in the Goodyear industrial area. This area serves as a hotbed for logistics companies because its proximity to Interstate 10 provides access to the Southern California ports of entry.

Over the past five years, Goodyear saw 21.8 million square feet of cumulative net space being built. Much of the development over the past several years has consisted of large, speculative industrial parks, with several projects finishing without an immediate user, according to CoStar.

JLL’s Marc Hertzberg, John Lydon and Hagen Hyatt brokered the sale of 40 acres on behalf of Zeitlin Capital, while JLL’s Dan McGillicuddy, Natalie Ceva and Kelly Royle represented the buyer. George Quinif of Peak Group brokered the sale of 39 acres at AZ85 for the property owner, Cardinal Capital.