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5/18/16
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Exeter Property Group purchased a three-property industrial portfolio in the Phoenix Metro area for $66 mil. The assets, which are leased to six tenants and total 937.7k sf ($70/sf) of space, were sold by Duke Realty Corporation.
The acquisition consists of:
• Riverside Business Center, totaling 603.9k sf of cross-dock distribution space
• Estrella Buckeye, totaling 250.2k sf of distribution space
• 2021 S 51st Avenue, a truck terminal totaling 83.6k sf
Bo Mills and Mark Detmer with JLL represented the seller in the transaction.
“Phoenix’s industrial market is increasingly on investors' radar due to its connectivity and favorable yields compared to tier one markets,” said Mills. “This portfolio represented an incredible opportunity to acquire a critical mass of institutional-quality warehouse product in a business-friendly market.”
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