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10/09/24
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Ares Management Real Estate purchased Pima Street Logistics Center, a 97.2k sf industrial asset in Phoenix, on behalf of a fund it manages. The standalone, infill building sits on 4.2 acres within the Sky Harbor submarket.
Pima Street Logistics Center features a functional multi-tenant layout, efficient loading, multiple storefronts, LED lighting, as well as 0.5 acres of secured yard. The property is conveniently located near downtown Phoenix and is less than a mile from the I-17 and the I-10, two critical logistical routes serving the Phoenix Metro area and other major markets in nearby states.
Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West team represented the seller, Berkeley Partners, in the transaction.
“The lack of available land for development, in addition to there being no foreseeable plans for similar projects in the near future, makes Pima Street Logistics Center an excellent investment for the buyer in both the near and long term,” added Molly Hunt.
According to Cushman & Wakefield’s most recent Q2-2024 market report, vacancy in the Airport submarket stood at a healthy single-digit rate of 6.2% and has recorded nearly 1.4 msf of new leasing activity through the first half of 2024.
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