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.”
