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EQT Exeter Spends $60 Mil on Newly Developed AZ Logistics Building

4/26/24

Philadelphia based EQT Exeter acquired a newly delivered 641.9k sf, Class A industrial/logistics building on approximately 40 acres in Buckeye, AZ, a growing city in the west Phoenix Metropolitan Area. Recently completed and strategically located with frontage along Buckeye’s I-10 Fwy, just west of Verrado Way, the state-of-the-art building was fully vacant at the time of sale.

The asset was sold by the facility’s developer, BET Investments, for $60.1 mil, or $94/sf. Located at 440 North 215th Ave, the standalone building represented Phase I of a larger 145-acre project, called Buckeye I-10 Logistics, that BET Investments owns and continues to develop.

EQT Exeter will be fully rebranding its new 641,906-square-foot building under a new moniker, I-10 Gateway. Based in Philadelphia, EQT Exeter is one of the largest real estate investment managers in the world

According to Scott Guo, an Investment and Leasing Officer with EQT Exeter, the firm plans to make significant building improvements, to include warehouse AC, LED lighting, administrative office, dock levelers, and electrical distribution panels, so modern users can effortlessly occupy a market-ready building in short order. The company plans to make the property an ideal facility for distribution and manufacturers needing a large, regional hub location.

“Our first step will be unveiling a new branding campaign with the building’s new name, I-10 Gateway, given its prime position at the gateway in and out of the flourishing Phoenix market with direct access to the region’s main transportation artery of I-10, combined with convenient access to the metro’s extensive circulation of highways, including I-17, 303, 202, 101, and more,” noted Guo.

Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West represented both seller and buyer in the transaction. Cushman & Wakefield’s Andy Markham and Mike Haenel were also retained by EQT Exeter to serve as the project’s leasing team.

“The newly named I-10 Gateway Class A logistics building provides occupiers with one of the best locations in the Phoenix Southwest Valley submarket,” said Markham. “Buckeye offers outstanding proximity to the Southern California Ports and therefore has become a preferred location for major industrial occupiers in need of strategic logistics and warehouse facilities in the Southwest U.S. The location allows tenant(s) in the building to reach major markets including Southern California, Nevada, New Mexico, Denver, Utah, and more, all within a day’s drive.”

According to Cushman & Wakefield research, although there has been some recent adjusting in the industrial sector, the Phoenix Metro industrial market has reported a stunning 48 consecutive quarters (12 years) of positive net absorption starting in Q2-2012 through Q1-2024 amounting to nearly 130 msf of occupancy growth.




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