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November 10, 2024
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Phoenix Single-Tenant Industrial Facility Sells for $69.5 Mil

10/31/24

Karney Properties, a family-owned, real estate firm out of Santa Monica, acquired a freestanding 400k sf, Class A cross-dock industrial building in Phoenix in a $69.55 mil ($174/sf) transaction. The single-tenant property is 100% leased to The Home Depot, representing one of the very few return centers the company operates nationwide.

Located at 7200 West Buckeye Rd, the building features top tier improvements including a fully air conditioned warehouse, high speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5% of recently refreshed office space, and four acres of excess trailer parking that was customized by and for the tenant. Furthermore, the property’s strategic cross-dock design enhances its appeal by optimizing operational efficiency and streamlining the flow of goods. It is also situated at the strategic junction of I-10 and Loop 202.

Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West represented the seller, Cohen Asset Management, in the transaction.

"With its Class-A infrastructure and blue-chip tenancy, Home Depot Returns Center exemplifies stability and growth potential,” said Hunt. “This facility’s mission-critical role within Home Depot’s national network ensures its long-term value, making it an attractive investment for Karney Properties."

According to Cushman & Wakefield’s latest midyear Q2 2024 report, the Phoenix Southwest Valley industrial submarket recorded over 6.7 msf of occupancy growth in the first half of 2024. This impressive figure accounted for roughly 80% of the total net industrial growth in the Phoenix Metro industrial market.




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