Brydant Real Estate Breaks Ground on Phoenix Facility
- Feb 18, 2021
Brydant Real Estate, in partnership with Brooklyn Bedding, has broken ground on a 648,165-square-foot building in Glendale, Ariz., to serve as the new manufacturing facility and corporate headquarters of the latter. The development team, which also includes architecture firm Ware Malcomb and Alston Construction, expects to deliver the project in December.
The new Brooklyn Bedding building will come online on nearly 43 acres at the intersection of West Bethany Home Road and North 52nd Avenue. Upon completion, the facility will merge the capacity of both the manufacturer’s current factory at 4455 W. Camelback Road and its warehouse at 4524 N. 44th Ave. in Phoenix. The entire move is expected to cost more than $72 million.
One more breath of fresh air for Glendale
Brooklyn Bedding currently has more than 250 employees in the Valley and could add up to 150 more over the next two years, once the new facility becomes operational. Glendale Mayor Jerry Weiers said, in a prepared statement, that Brooklyn Bedding’s new investment could contribute to the revitalization of the city’s Grand Avenue Industrial District by bringing new employment opportunities. Glendale’s unemployment rate was 7.6 percent as of December, double the 3.8 percent registered at the end of 2020 but marking a visible improvement from a 12.9 percent April peak, according to the U.S. Bureau of Labor Statistics.
With high tenant demand and positive absorption, metro Phoenix has a strong industrial pipeline, with nearly 7.2 million square feet of space under construction, according to CommercialEdge data. The Northwest submarket had 3.7 million square feet underway as of the fourth quarter of 2020, according to a Colliers report.
One of the Glendale’s largest developments, the 265-acre Park 303, underway near Loop 303 and Glendale Avenue, accounts for some 1.1 million. A 5.5 million-square-foot, 355-acre industrial project will soon add to supply, as Clayco’s CRG and Bird Dog Industrial plan to break ground on the first warehouse this March.
A long-lasting partnership
Brydant Real Estate has been working with Brooklyn Bedding since 2015, when the team developed the manufacturer’s 150,000-square-foot factory. In addition, Brydant assisted the owner in obtaining a construction loan from Wells Fargo and the Small Business Administration, the largest SBA loan in the state at the time. In late 2018, Brooklyn Beddingd signed a short-term lease at a 140,000-square-foot warehouse located just south of the manufacturing facility, also with Brydant’s participation.
In 2020, Brydant arranged the $12.4 million sale-leaseback transaction in which Westcore acquired Brooklyn Bedding’s factory. According to Brydant, the deal resulted in net proceeds of $5.4 million, which can be invested in the new project.