EQT Acquires Industrial Property Commerce @ 303 In Litchfield Park For $104.5 Million
5215 North Alsup Road
$104,500,000
$157/SF
Building Size
663,000 SF
Asset Type
Industrial
Closing
Jan 23, 2026
AI
This transaction involves a Class A industrial property located at 5215 North Alsup Road in Litchfield Park, AZ. The property spans 663,000 square feet and was sold for $104,500,000, translating to a price per square foot of $158. The sale also includes a shovel-ready 32.6-acre parcel intended for an industrial campus that will accommodate nearly 1.2 million square feet, with the construction of a new speculative building slated for completion by Q4 2026.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $104,500,000
- Buyer: EQT
- Seller: New York Life Real Estate Investors & SteelWave
- Brokers: Will Strong, Molly Miller, Jack Stamets, Michael Matchett & Madeline Warren - Cushman & Wakefield
- Square Footage: 663,000
- Price Per Square Foot: $158
The transaction was facilitated by a group of brokers from Cushman & Wakefield, including Will Strong, Molly Miller, Jack Stamets, Michael Matchett, and Madeline Warren. These individuals played a critical role in bringing together EQT and the sellers, New York Life Real Estate Investors and SteelWave, to successfully complete this substantial industrial real estate transaction.
Players
Litchfield Park Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93