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10/28/22
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Westcore has acquired Central Logistics, a four-building, 1.09 msf industrial campus in the Central Phoenix area in a recent, $93.5 mil ($86/sf) transaction. The 24.9-acre asset was sold by Phoenix-based ViaWest Group.
During its ownership, ViaWest Group made significant renovations and additions at Central Logistics, which made the property more attractive to Westcore. All of the buildings feature concrete tilt-up construction and have a clear height of 32 feet.
Last year, ViaWest Group thoroughly refurbished Central Logistics’ Building D North, a 76.2k sf, cold storage facility with 13 dock-high doors and one grade-level door, currently leased to Bay Logistics.
ViaWest Group also constructed two new buildings at the property, Building D South and Building E. The entire 72.3k sf Building D South is leased to Waymo. The building features 10 dock-high doors, one grade-level door and ESFR sprinklers.
Building E, in addition to offering 94.6k sf of space, features a four-acre, fully secured concrete yard, as well as two grade-level doors, 12 dock-high doors and ESFR sprinklers. The building and its large yard—a rare find in this land-constrained Central Phoenix industrial location—are leased to Ferguson.
The fourth building, the 165.5k sf Building B, is vacant. Westcore’s planned renovations include extensive exterior site work, painting, office demo and reconfiguration, dock door and loading improvements, a new roof coat and other interior cosmetic upgrades to make Building B market lease ready.
Will Strong and Greer Oliver with Cushman &Wakefield’s Capital Markets team were involved in brokering the sale. John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property for the new ownership.
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