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11/26/24
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Global real estate investment management firm BGO purchased a 1.056 msf, Class A warehouse/distribution building on nearly 60 acres in Buckeye, AZ on behalf of an institutional investor. The single-tenant facility, Paloma Vista Logistics Center – Building 1, was sold by a joint venture partnership between US Capital Development and funds managed by Ares Management.
Located at 18900 West McDowell Rd in Phoenix’s thriving Southwest Valley submarket, the property is fully leased to a Fortune 10 global e-commerce/tech company.
Recently completed in March 2024, the trophy property includes state-of-the-art features that fit tenant demand in the area perfectly well including 40’ clear height, multiple points of ingress/egress, 190’ maneuverability, and more. In addition, the property is conveniently located near Interstate 10 and the AZ 303 Freeway and is within six hours of the Ports of Los Angeles and Long Beach.
Paloma Vista Logistics Center – Building 1 is part of a master-planned industrial park with a recently completed 423k sf building adjacent to the property and 1.2 msf planned in Phase II. Upon completion, the park will total 2.7 msf of best-in-class industrial product in the Southwest Valley.
Cushman & Wakefield’s Will Strong, Michael Matchett, and Molly Hunt of the firm’s National Industrial Advisory Group represented all parties in the transaction. Cushman & Wakefield’s Andy Markham, SIOR, Mike Haenel and Phil Haenel provided leasing advisory and were retained by the buyer to continue handling leasing services for the project.
“Paloma Vista Logistics Center – Building 1 represents the pinnacle of industrial investment, featuring top-tier construction and design, an outstanding location, and full occupancy by a globally renowned tenant, ensuring long-term income stability,” said Strong. “The Southwest Valley has consistently proven to be one of the most active and strongest industrial submarkets in the country, a trend that we expect to continue.”
“No other city in Metro Phoenix has closer proximity to the Southern California Ports than Buckeye, which has therefore become a preferred location for major industrial occupiers seeking strategic logistics and warehouse facilities in the Southwest U.S.,” added Haenel. “According to Cushman & Wakefield’s latest Q3-2024 report, the Southwest Valley has recorded an impressive 7.3 msf of occupancy growth year-to-date outpacing every other submarket in the metro area by a significant margin."
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