Cassidy Turley announced the sale of Prologis Riverside Distribution Center, a ±250,796 SF industrial project at 2225 South 43rd Avenue in the southwest Phoenix submarket.
Pennsylvania-based Exeter Property Group purchased the property for $13.2M ($52.63/psf) from San Francisco-based Prologis. Cassidy Turley Executive Managing Directors Andy Markham and Mike Haenel and Vice President Will Strong negotiated the transaction on behalf of the buyer and seller.
“This transaction represents an opportunity for Exeter Property Group to strengthen its Phoenix presence with a quality industrial asset,” Mr. Markham said. “Exeter is poised to benefit from future rent growth, rising values and strengthening market fundamentals.”
Riverside Distribution Center has been institutionally maintained and managed by Prologis, the leading owner, operator and developer of industrial logistics real estate across the Americas, Europe and Asia. The property is a highly functional industrial project that is ideal for a major distribution or logistics operations. The facility is strategically located with direct access to both Interstate 10 and Interstate 17 via full diamond interchanges, and a short drive to both U.S. Route 60 and Loop 101. The property was 44% occupied at the time of sale. Exeter Property Group plans to lease the balance of the space to a corporate tenant looking to take advantage of the central location, efficient layout and modern features of the asset.