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CBRE Global Investors Fund Buys Last Mile Facilities in Phoenix and Orlando

3/11/20

A fund sponsored by CBRE Global Investors has acquired two fully leased built-to-suit last-mile distribution facilities in Phoenix and Orlando. These acquisitions are part of a broader strategy of the fund to invest in target industrial markets.

14000 West Grant St, Goodyear, AZ
14000 West Grant St, Goodyear, AZ
The first property is located at 14000 West Grant St in Goodyear, AZ, just west of downtown Phoenix. The second property is located at 1224 South Orange Blossom Trail in Orlando. Both properties are situated in high-demand last-mile locations with crucial access to main transportation nodes, consumers, and labor.

Both of the state-of-the-art buildings were completed in 2019. They each span 115.3k sf and feature 32-foot clear heights, private office space, 135-foot truck courts, 52-foot by 55-foot column spacing, LED lighting, an air-conditioned warehouse and ESFR sprinklers.

“Demand for state-of-the-art last-mile logistics space is something that we expect will continue to increase as consumers’ expectations for shorter delivery times, including same-day delivery, influence the way e-commerce companies operate,” said Gardner Ellner, Senior Director of Commercial Acquisitions for CBRE Global Investors.

Kim Hourihan, Portfolio Manager for CBRE Global Investors, added, “Both Phoenix and Orlando are high-growth markets when it comes to the average industrial rental rate. We believe that the population growth in these markets also bodes well for the industry, influencing demand for last-mile logistics space.”




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