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7/07/16
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XPO Supply Chain Inc has opted to purchase the 552.3k sf distribution facility in the heart of Phoenix’s Southeast Valley industrial market that the firm has leased for the past three years. The company, a top-ten global provider of supply chain solutions, paid $30.4 mil ($55/sf) for the property, located at 7037 W. Van Buren St.
The Class A, warehouse/distribution facility includes 31.5- to 35.5-foot clear height, energy efficient lighting, evaporative cooling, skylights and sprinklers. The 31.8-acre lot includes the main building, a fenced truck court with guard shack and parking for 378 cars, 146 trailer stalls and 100 truck bays with cross dock and front load configurations.
The facility is situated within a Foreign Trade Zone, providing state and local tax incentives and on-site job training programs. Corporate neighbors include Target, Amazon and HSN. It is just one mile from I-10, served by two full diamond interchanges at 67th Avenue and 75th Avenue. It is also 15 minutes from Sky Harbor International Airport.
XPO (formerly Menlo Worldwide) originally occupied the building in 2013, bringing with it a wide variety of internet fulfillment-related jobs. The building was sold by Lincoln Property Company.
“Build-to-suits have been hot in Phoenix for years, but big tenant demand for existing space was average. Now, big tenant activity is on the rise, which is tightening the availability of large blocks of space and making assets like 7037 very attractive for tenants and investors alike,” said Lincoln Property Company’s Executive Vice President David Krumwiede.
Connecticut-based XPO specializes in supply chain management, truckload brokerage and transportation, high-value-add warehousing and distribution, global forwarding and last mile logistics. It employs more than 87,000 in 1,440 locations worldwide, serving more than 50,000 customers including Boeing, The Home Depot, IKEA and L’Oreal.
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