LXP Industrial Trust Buys 628K SF Phoenix Office Campus for $103M

Multiple major commercial real estate transactions were recorded across Arizona, highlighted by LXP Industrial Trust’s $103M purchase of a six-building office campus in Phoenix. The 628.2K SF asset, formerly the University of Phoenix headquarters, includes a 10-story tower, two six-story towers, parking structures, and restaurant space. Elsewhere in Phoenix, Belkorp purchased a 174K SF manufacturing facility for $44.1M, currently occupied by Amazon subsidiary PillPack. Additionally, Prologis acquired the 13.6-acre Innovation Centre Commerce Park for $28M and plans to develop the site for 2.16M SF of industrial and office use.

In the office sector, Rosendin Electric acquired a regional headquarters in Chandler, with plans to invest $25M in tenant improvements to support 400 employees by Q1 2027. Industrial activity remains robust, evidenced by Trumark Real Estate Management’s $20.75M purchase of a 75.6K SF building in Peoria and Jadian Capital’s $7.3M acquisition of three buildings in Phoenix. Consumer Cellular also expanded its footprint, signing a 123.3K SF, 15-year lease for an entire office building in Scottsdale.