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July 16, 2019
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AZ Industrial Facility Sells for $48.5 Mil


CBRE Global Investors Acquisitions LLC closed on a newsworthy acquisition in Arizona, paying $48.5 mil for Southwest Industrial Center, a 684.4k sf ($71/sf) industrial facility in Phoenix. The property is located at 7775 West Buckeye Rd, just south of I-10.

Constructed in 2015, Southwest Industrial Center is a Class A cross-dock distribution building with 32-foot clear height. The property was sold by Hines, the Houston-based global real estate investor. Hines retained ownership of the adjacent development site which was not part of the sale.

Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon with JLL represented the seller.

"Southwest Industrial Center is located in one of the largest and most sought after industrial markets in the West, and offers stable in-place income as well as an immediate upside through further lease up of the existing vacant space, said Mills.

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