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1/15/24
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A two-building, last mile industrial portfolio totaling 491.2k sf in Phoenix was sold in deals to separate buyers. The portfolio comprises Canal Crossing, a single-tenant building totaling 155.1k sf on 10 acres, and Riverside @ 51st, a multi-tenant building of 336k sf on 19.38 acres. The portfolio is 100% leased.
Canal Crossing was acquired by LaSalle Investment Management, and Riverside @ 51st was acquired by Link Logistics. The properties were both sold by the joint venture of a privately held national real estate company and a global investment management firm for undisclosed prices.
Canal Crossing: 5670 South 32nd St, Phoenix |
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Located at 5670 South 32nd St, Canal Crossing was built in 2015 and is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. The property is centrally located in the Airport submarket of Phoenix with proximity to I-10, AZ-143, AZ-60, I-17 and Loop-202. The property features 30’ clear height, 130’ truck court, 37 dock-high doors, two ground-level doors, and ESFR sprinklers.
Located at 2300 South 51st Ave, Riverside @ 51st was built in 2007 and is fully leased to five tenants. The property is strategically positioned in the Southwest Valley submarket of Phoenix and benefits from proximity to Loop-202, I-10, I-17 and AZ-60. The property features 30’ clear height, 135’-185’ truck court, 91 dock-high doors, six ground-level doors, and ESFR sprinklers.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group brokered the transactions. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel, and Foster Bundy provided leasing advisory.
“The portfolio consists of two institutional quality last mile buildings occupying core infill locations with proximity to demand drivers and customer bases. The properties benefit from immediate access to major transportation corridors, offering connectivity to multiple major markets within a single day,” said Hunt. “These transactions provided a win-win-win outcome for all parties. The seller was rewarded after fully leasing and stewarding these quality industrial properties for many years, while the buyers have each acquired assets with attractive investment fundamentals, opportunity and anticipated future success.”
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