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10/22/24
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EQT Exeter has purchased a 100% leased, six-building industrial portfolio totaling 860.2k sf in Phoenix. Located within the popular Phoenix Airport submarket, the property is fully leased to eight tenants across diverse industrial industry sectors.
The buildings are considered a great fit for both multi-tenant users and single-tenant occupiers, with spaces ranging from 37k sf to 220k sf. That variety gives the buyer plenty of leasing options in the future.
Each property is conveniently located near major highways like I-10, I-17, and SR-60, with the added benefit of the 22-mile Loop 202 extension. Plus, their proximity to Downtown Phoenix puts them near one of the largest labor pools in the Western U.S.
EQT Exeter is a global real estate investment manager with nearly $30 bil of equity under management. The company plans to strategically upgrade the buildings by air conditioning the warehouse, adding LED lighting, and renovating office suites as leases roll throughout the portfolio.
Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Cushman & Wakefield’s Mike Haenel provided market leasing advisory in the sale. The price was not given out.
"This is an exceptional portfolio of Phoenix industrial real estate, offering both scale and quality,” commented Hunt. “With a diverse, stable group of tenants and staggered lease expirations, it minimizes risk and income fluctuations. Plus, there's a great opportunity to boost net operating income soon with rent adjustments to current market rates."
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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