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June 22, 2024
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Palisades Property Trust Buys AZ Industrial Property


Palisades Property Trust acquired a 65.5k sf industrial property in the Phoenix metropolitan area from a long-term corporate owner in an off-market transaction. The asset, located at 1503 West San Pedro in Gilbert, was purchased all-cash.

The industrial distribution property sits on 5.1 acres. The low-density site offers significant excess land for trailer parking and storage, or even future development. Palisades will reposition the property with a tenant-focused capital improvement plan and seek to lease the improved property to a new tenant.

The acquisition of the Gilbert property is one of a series of value-added industrial transactions Palisades recently completed in the Phoenix area. Palisades seeks to acquire additional industrial properties in Phoenix and in other high growth markets across the western United States.

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