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12/16/16
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Hines has acquired Southwest Industrial Center, a Class A industrial park located in the heart of the Southwest Valley submarket in Phoenix, from Hillwood Property Trust. The price was not disclosed.
The project consists of a 684k sf, 32-foot clear logistics warehouse and an adjacent development parcel capable of accommodating a second building of 567k sf. The existing building is 35 percent leased to AmerisourceBergen, a market leader in pharmaceutical distribution, who is currently #16 on the Fortune 500.
Hines has assigned the leasing assignment to the Tony Lydon/Marc Herzberg team at JLL. The acquisition of Southwest Industrial Center is Hines' second logistics investment in Phoenix and brings the Hines logistics platform to over 5.1 msf in the Southwest Region of the United States.
Hines Managing Director Charlie Meyer noted, "The Southwest Industrial Center is a quality asset that we feel we can position immediately to meet the growing tenant demand in the Southwest Valley. We are aggressively targeting tenants of up to 455k sf in the existing building and have the flexibility to accommodate build to suits of up to 570k sf on our development parcel.”
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