CAMFIL HVAC Filtration Solutions
LeaseNewsSpacesUncategorized

Phoenix Distribution Facility Sells for US $74.7 Million

22.11.2021, 17:19

Phoenix Distribution Facility Sells for US $74.7 Million

Cushman & Wakefield has advised on the sale of a newly developed 145,474 SF Class A last-mile fulfillment/distribution facility occupying over 34 acres in Phoenix, Arizona.

Built in 2021, the freestanding asset is 100 per cent leased to a global Fortune 50 e-commerce company, and was developed and sold by a joint venture between Seefried Properties and a real estate fund advised by Crow Holdings Capital.

The buyer was Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets.

Cushman & Wakefield Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay, from the company’s Phoenix office represented the seller in the transaction.

Strong says the property’s strategic location in the flourishing Deer Valley submarket makes it a best of breed  last-mile logistics building within the Metropolitan Phoenix region.

A member of Cushman & Wakefield’s national Industrial Advisory Group, Strong also observes the presence of a  “high-credit global tenant” was a key factor in the deal, adding: “This logistics hub provides users with outstanding access to transportation, labor, and consumers critical to the tenant’s business. Mission-critical parking and dedicated queuing lanes create long-term value with flexibility to continue providing automobile/van parking.”

Located at 500 W. Pinnacle Peak Road, the property is within minutes from I-17 and Loop 101 with six access points and excellent retail amenities in the immediate area to serve employees. Key modern features include a 32-foot clear height, ample dock/grade loading, energy-efficient lighting, and 1,081 parking spaces (a nearly 7.5/1000 parking ratio).

Availability of unusually heavy parking with low coverage and fully air-conditioning are rare features for buildings of this type within the surrounding area.  

Oliver says, “New and/or Class A facilities positioned in ideal logistics locations and leased to strong credit tenants remain widely sought-after. Phoenix’s warehouse and distribution sector remains hot, and growing demand for e-commerce and strong consumer spending will contribute to continued market strength.”

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

Related Articles

Back to top button

We've noticed you are using an ad blocker

Advertising helps bring you fresh independent content. Please disable the adblock plugin or settings in your web browser to access the content you are trying to reach on www.fmindustry.com.