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6/18/13
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IIT Acquisitions LLC has acquired Buckeye Logistics Center, a 684k sf, two-building institutional-quality industrial project in the Southwest Phoenix submarket. The asset, which fetched $44.3 mil ($65/sf), was sold by Principal Real Estate Investors.
Built in 2008, Buckeye Logistics Center is located at 6825 and 6913 W. Buckeye Rd. The 6825 building totals 380.6k sf on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The 6913 building totals 303.5k sf on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32’ clear, trailer storage and cross dock loading.
Buckeye Logistics Center is minutes from Interstates 10 and 17, the 101 Freeway, and Sky Harbor International Airport. The property is also within a six-hour drive to the Ports of Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is home to more than 25 percent of the entire Phoenix industrial market inventory.
Managing Directors Mark Detmer and Bo Mills of Jones Lang LaSalle's Capital Markets Group represented both parties in the deal. Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall have been handling the leasing of the property for the seller, bringing it from zero to 100 percent leased and well-positioned for sale.
“This is hands down one of the best institutional-quality projects sold in Phoenix this year,” said Detmer. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location. These features—along with the submarket’s rapid absorption rate and the property’s tremendous upside potential through rent growth—create a scenario that’s extremely hard to replicate.”
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