- Transaction: CEVA Logistics subleases Home Depot’s 1.3M sq. ft. Elwood Logistics Center in Goodyear.
- Significance: Largest industrial lease in Phoenix metro so far this year.
- Property Details:
- 3,866 sq. ft. office space
- 233 dock doors
- 691 trailer parking stalls
- 40-foot clear height
- Market Context:
- West Valley sublease availability: 2.4% (3.8M sq. ft.)
- Phoenix metro sublease availability: 1.4% (7M sq. ft.)
- Sublease volume has risen since 2019 (less than 1% back then).
- Other Big 2025 Deals:
- Scotts Miracle-Gro: 733,850 sq. ft. in Glendale.
- Kenco: 641,906 sq. ft. in Buckeye.
Investor Takeaways for Maricopa/Pinal County SFR Owners:
- Industrial activity signals continued population & job growth—good for long-term rental demand.
- Large-scale logistics operations can influence nearby housing needs for workers.
- Watch West Valley’s development pace; supply chain investments often precede residential growth.