Hyatt Studios Brand to Debut in North Phoenix as Glendale Industrial Asset Trades for $90.6M

Two deals announced Monday highlight the breadth of development and investment activity across the Phoenix metro — from hospitality expansion in the north Valley to a major industrial trade near Glendale.

Hyatt Studios Comes to Phoenix

Caliber Companies is developing a four-story, 114-room Hyatt Studios hotel on a 2.28-acre site in a 40-acre master-planned community near 29th Avenue and Sonoran Desert Drive in north Phoenix.

The project is the first to open under an exclusive development agreement between Caliber and Hyatt Hotels Corporation to build 15 Hyatt Studios hotels across five markets: Arizona, Colorado, Nevada, Texas, and Louisiana. The upscale extended-stay brand features studio-apartment-style rooms with in-unit kitchens, targeting business travelers and longer-term guests.

Stewart + Reindersma Architecture designed the wood-framed building, which will stand approximately 48 feet tall. A Phoenix Planning Hearing Officer review is scheduled for February 18 to address a height restriction stipulation from the site's original 2021 rezoning. The proposed height complies with C-2 zoning standards, which allow up to 56 feet.

$90.6 Million Glendale Industrial Sale

Separately, IndiCap and Invesco Real Estate sold a 566,121-square-foot cross-dock industrial building at Virgin Industrial Park near Glendale for $90.6 million — roughly $160 per square foot.

The buyer, Electric Research and Manufacturing Cooperative Inc. (ERMCO), acquired the property at 15784 West Hatcher Road in Waddell. JLL's Marc Hertzberg, Riley Gilbert, and Kelly Royle represented the sellers, while Cushman & Wakefield's Sean Kropke, Michael Haenel, and Justin Smith represented the buyer.

The building is the largest of three structures at Virgin Industrial Park, a campus co-developed by IndiCap and Invesco featuring over 1 million square feet of industrial space. The remaining two buildings — 212,160 and 243,360 square feet — are still held by the development partnership.

"This sale represents a successful execution of our business plan at Virgin Industrial Park and highlights the continued demand for high-quality industrial assets in the West Valley," said IndiCap CEO Mike Chernine.