PHOENIX-After sitting empty for almost two years, the former Fleming Foods facility has sold for $11 million to a partnership of the Duke Cowley Family and the Wilford Cardon Family.

Guaranty Bank of Dallas sold the 875,000-sf warehouse property at 624 S. 25th Ave. The bank was represented internally.

The building originally served as a storage and distribution center for Fleming Foods, which disposed of the property as part of a multi-state sale-leaseback in 2002 prior to its bankruptcy, Gary Tenney, a senior vice president in Colliers International’s local office, tells He represented the Cowley and Cardon families, which own more than two million sf of commercial real estate in the Valley.

“They are major land owners in the Southwest and were looking to complement their land holdings by adding real estate,” Tenney says. “They really believe in the location and the product type.” He says the partnership, which paid cash for the facility, is looking to acquire more assets in the Valley.

Built in the mid-1960s and expanded in the mid-1970s, the facility is located on roughly 44 acres in the Stack industrial area of the Central Phoenix submarket. The warehouse boasts 200,000 sf of cooler and freezer space. “Demand for this type of space is increasing,” Tenney says. The dry warehouse space will lease for $2.16 per sf to $3.36 per sf per year. The cooler and freezer space will lease for $4.80 per sf to $7.20 per sf per year.

“This facility offers a lot of flexibility both in terms of size and temperatures,” Tenney says. He explains the cooler and freezer space can accommodate users as small as 15,000 sf. Freezer temperatures start at minus 10 degrees while the cooler temperatures range from 28 degrees to 45 degrees.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.