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11/23/22
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Global industrial real estate leader Prologis has a 7.95-acre, infill land parcel in Phoenix for $8.65 mil. The site was sold in an off-market deal by Wadsworth Development.
The firm plans to develop two industrial buildings totaling 126k sf on the land. The site is located at 24500 - 24501 N. 20th Dr, east of I-17 and north of state route 101, in the Deer Valley area. Prologis plans call for the development of buildings containing 77k sf and 49k sf of space.
Bob Lundstedt, Skip Corley, Jr. and Chase Heinemann with DAUM represented the buyer in the deal.
According to a DAUM report, as freight costs declined 61% during the quarter, the industrial sector nationwide is expected to benefit from this easing of supply chain headwinds. The Phoenix industrial market vacancy rate remained low at 4.6% in Q3, with rental rates continuing to rise, and the market has been named as a leading metro for industrial development, ranking second nationally in 2022.
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