JLL REIT Buys Puma Distribution Center in Arizona for $140M
By Isabelle Durso August 1, 2025 2:00 pm
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JLL Income Property Trust has acquired a 1 million-square-foot industrial warehouse facility in Glendale, Ariz., for approximately $140 million, according to a Thursday announcement.
The REIT bought the Glendale Distribution Center at 8900 North Sarival Avenue near Phoenix — which is 100 percent leased and occupied by sportswear brand Puma — from Clarius Partners, the announcement said.
Thrivent Financial for Lutherans provided a $50 million loan for the acquisition, the Phoenix Business Journal reported.
“Glendale Distribution Center is strategically located in a thriving industrial area, making it an attractive investment for us,” Allan Swaringen, president and CEO of JLL Income Property Trust, said in a statement. “We have seen the strong fundamentals of the industrial sector generate stable demand, particularly in areas near major distribution hubs.
“After some strategic dispositions last year, we have significant dry powder to make new investments,” Swaringen added. “This opportunity aligns well with our strategy of acquiring high-quality warehouse facilities located in our target industrial markets.”
Cushman & Wakefield’s Will Strong, Molly Hunt, Jack Stamets, Michael Matchett and Madeline Warren brokered the deal for both the buyer and the seller, according to PBJ.
Spokespeople for C&W and Clarius did not immediately respond to requests for comment.
Built in 2023, Glendale Distribution Center is home to Puma’s regional distribution center and features 40-foot clear heights, expansive truck courts and LED lighting, according to the announcement.
The warehouse facility is part of a larger industrial park developed by Clarius and Cresset Real Estate Partners off of the Loop 303 corridor, PBJ reported.
News of the sale comes after a few recent industrial sales in the Phoenix area, including EQT Exeter’s $128.2 million purchase of the 1.2 million-square-foot Sarival Logistics Center at 6390 North Sarival Avenue in June.
Isabelle Durso can be reached at idurso@commercialobserver.com.
