San Francisco Bay Area based Libitzky Property Companies acquires 100% leased asset in Phoenix’s Southeast Valley
MESA, Ariz. (May 16, 2025) – Cushman & Wakefield announced the firm has advised Phelan Development in the sale of a premier 141,117-square-foot Class A industrial asset in Mesa, Arizona. Located at 8341 East Pecos Road—Building C, the freestanding building is well-located in Metro Phoenix’s high-demand Southeast Valley submarket. Libitzky Property Companies, based in Emeryville, California, acquired the property for $29.425 million. The building is currently 100% leased to Cyclic Materials on a brand new 10-year lease.
Building C is part of a larger, state-of-the-art industrial business park known as Phelan Pecos Center that also features two additional buildings totaling 333,192 SF. Phelan Development partnered with Alston Construction and LGE Design Build to deliver Building C in 2024.
Cushman & Wakefield’s Private Capital Group in Phoenix consisting of Phil Haenel, Will Strong, Foster Bundy, Molly Hunt and Katie Repine represented the seller in the transaction.
“This newly constructed Class A building is a premier industrial asset offering a strategic location with excellent connectivity, superior features, and robust market fundamentals. Secured by a recently executed long-term lease with Cyclic Materials—which also plans to make additional significant tenant improvements reinforcing its long-term commitment—the property provides steady cash flow while benefiting from its position in a rapidly growing submarket,” said Phil Haenel.
Phelan Pecos Center I—Building C features 32-ft clear height, a heavy 6,000 amps of power, a private truck court with optimal loading capabilities, 28 dock doors and 3 grade doors, multiple access points, functional column spacing, full-building HVAC, LED lighting, ample parking, and freeway and airport proximity.
“Phelan Development, in conjunction with two top-tier contractors renowned for high-quality and innovative industrial developments, delivered a high-caliber industrial asset with exceptional construction and design, adding long-term value to the property. In addition, the project enjoys excellent logistical connectivity, ensuring long-term tenant demand and asset appreciation,” added Foster Bundy.
According to Cushman & Wakefield latest market report, the Southeast Valley cluster of industrial submarkets reported approximately 770,000 square feet of positive net absorption (occupancy growth) in Q1 2025, representing about 43% of Metro Phoenix’s total industrial market growth. This also continued the momentum from 2024 in which the Southeast Valley tallied approximately 4.2 million square feet of occupancy growth.
“Of note, the Southeast Valley has collectively been the target of more corporate relocations than any other region of Metro Phoenix,” added Molly Hunt