A two-building industrial park in Tolleson just changed hands for $71.5 million, with AEW Capital Management buying the fully leased property on behalf of a Nevada public pension fund even as much of metro Phoenix sits swamped with empty warehouse space. The buyer is banking on a submarket that has managed to stay tight while its neighbors flood with new supply.
Park 91, located at 2150 and 1950 91st Avenue in Tolleson, spans 278,825 square feet across two buildings and was completed in 2024, according to CoStar. AEW Capital Management acquired the property from its developer, Martens Development, in a deal that closes the loop on a project first entitled by the City of Phoenix back in September 2023. The sale works out to roughly $256 per square foot, a price CoStar's reporting connects to the park's fully leased status.
That per-square-foot figure stands out against the backdrop of the broader Phoenix industrial market. Metro-wide sales for major Class A assets ranged between $113 and $170 per square foot in early 2026, according to a report from Lincoln Property Company. Park 91's price tag effectively doubled the low end of that range, reflecting how much a fully occupied, newly built asset can command even in a market otherwise glutted with speculative space.
A Tight Submarket in a Loose Metro
Overall industrial vacancy across metro Phoenix has climbed to between 11.4% and 14.1% in mid-2026, driven by a wave of speculative construction across the West Valley, per data cited in the research underlying this deal. Yet Tolleson itself has held vacancy under 3%, a gap that helps explain why an institutional buyer would pay a premium there instead of chasing cheaper deals elsewhere in the region.
Park 91's two rear-load buildings, 102,000 and 176,000 square feet respectively, were 100% leased at the time of sale, carrying a weighted average lease term of 5.4 years. The buildings feature 32-foot clear heights, full HVAC coverage, ESFR fire suppression, and 6,000 amps of heavy power capacity, specifications increasingly demanded by institutional buyers of modern logistics space.
Cushman & Wakefield brokers played a central role in the transaction, per CoStar's report. The team named includes senior director Nik Vallens, director Molly Miller, executive vice chair Will Strong, director Michael Matchett, and industrial capital markets associate Madeline Warren.
Why Nevada's Pension Fund Is Buying Now
The purchase fits into a larger capital push by the Public Employees' Retirement System of Nevada, which approved raising its target real estate allocation from 6% to 10% this year, committing up to $400 million to separate accounts managed by AEW Capital Management and Invesco Real Estate, according to IPE Real Assets. As of July 2026, AEW managed 31 property assets worth $2.5 billion on the pension fund's behalf, with another $1.2 billion in capital still available for future acquisitions, the outlet reported. AEW has managed a core real estate portfolio for Nevada PERS since taking it over from BlackRock in 2012.
Park 91 was originally developed as Phase 2 of Martens Development's broader 44-acre Logic Park campus in Tolleson, led by principal David Martens, according to CapMatrix. Ground-up construction was financed in late 2023 through private debt from Trez Capital, with CapMatrix serving as debt advisor, a sign of how private lenders stepped in as commercial bank construction lending tightened that year.
Tolleson's Continued Pull for Logistics Users
The City of Phoenix approved the final commercial land plat for the site under the entity name Martens Park 91 Land, LLC, in September 2023, establishing single-lot commercial zoning and public access easements south of Buckeye Road. That entitlement paved the way for the project that would eventually attract a state pension fund's capital less than three years later.
Tolleson remains a magnet for large-scale logistics development. GO Industrial broke ground this summer on a 1.1 million-square-foot speculative distribution center on 75 acres in nearby Estrella Park, according to REBusinessOnline, a project Hoodline has covered previously. Direct access to Interstate 10 and Loop 202 continues to make the West Valley submarket a preferred node for regional distribution, even as developers elsewhere in metro Phoenix grapple with a supply glut that has yet to fully absorb.
