Pivotal Manufacturing Partners and Meadow Partners have acquired 53 Ten, a 157,523-square-foot advanced manufacturing facility in Glendale, Arizona, expanding their exposure to high-power industrial real estate and the growing U.S. manufacturing reshoring trend.
The facility sits on 19.6 acres and is leased to an affiliate of Corning Incorporated, which operates the property as a precision manufacturing facility supporting semiconductor, aerospace and defense applications. Financial terms of the acquisition were not disclosed.
Advanced Manufacturing Asset
53 Ten features substantial existing electrical capacity and specialized production infrastructure. Its combination of power availability, established manufacturing capabilities and an infill Greater Phoenix location makes it suitable for a range of advanced manufacturing applications.
“Pivotal was founded to acquire and operate advanced manufacturing facilities that serve the most critical industries in this country, and 53 Ten is a strong example of the type of asset we created the platform to pursue,” said David Robbins, managing partner of Pivotal Manufacturing Partners.
The transaction represents Pivotal’s entry into Greater Phoenix, where the company intends to build a larger portfolio.
Betting on Power-Rich Industrial Real Estate
For Meadow Partners, the acquisition advances an investment strategy centered on the convergence of industrial real estate and increasing power requirements.
“As demand for domestic manufacturing increases, powered manufacturing facilities present a compelling opportunity that sits at the intersection of industrial real estate and high-power infrastructure,” said Meadow Partners Partner Marc Mechanic.
Greater Phoenix has become a major U.S. semiconductor and advanced manufacturing hub, attracting investments from companies including TSMC, Intel, Microchip Technology and onsemi, as well as suppliers serving semiconductor, aerospace, defense and advanced-materials industries.
That expansion is increasing demand for production-ready facilities with significant existing electrical infrastructure, according to the firms.
Expanding Advanced Manufacturing Portfolio
53 Ten joins Pivotal’s portfolio of specialized manufacturing and infrastructure properties serving industries including critical minerals, nuclear energy, semiconductors and defense.
Pivotal said it continues to pursue acquisitions and development opportunities for high-power, mission-critical manufacturing facilities nationwide.
Meadow Partners, meanwhile, manages approximately $7.5 billion and invests across multifamily, office, industrial, retail and energy-related real estate.
