Cold Summit Development recently launched its second project, and first in the Phoenix metro area—a 357,000-square-foot, multi-tenant speculative cold storage facility that is expandable to 485,000 square feet.
Sitework and construction on Cold Summit PHX is anticipated to start immediately, with completion by December, the company said.
The project follows Cold Summit Dallas, launched in December 2020.
The project is located at 9600 N. 151st Ave. in Glendale AZ, in the Woolf Logistics Park with Class I railway connectivity through BNSF. Its location along the highly active Loop 303 corridor provides proximity to the corporate neighbors of Red Bull, White Claw and Ball Corporation.
“There’s an incredible story of companies relocating to Phoenix from Southern California and serving that market from the West Valley/Loop 303,”
Cold Summit PHX will include office space, flexible structural bay spacing to accommodate multiple racking configurations, a 51-foot clear height in the warehouse with full temperature convertibility, 156 trailer drop spots and more than 75,000 pallet positions.
Cold storage assets continue to be in high demand, with historical vacancies below 10%, according to JLL research. This increase is due to a sudden rise in e-commerce adoption and change in consumer consumption patterns in the wake of COVID-19. Because of this, the cold storage space has proven to be a stabilizing factor in real estate through 2020 to today.
“We are thrilled to be working with the city of Glendale to bring this critical food infrastructure asset to the Phoenix MSA,” said Scott Pertel, president and CEO of Cold Summit Development. “We are big believers in the growth story and look forward to being additive to that. We are also excited to support the local public schools and educational programs through our Cold Summit Giving efforts.”
