HFF announced today that it has closed the sale of Freeport Distribution Center, a two-building, 219,240-square-foot distribution center in Phoenix.
HFF marketed the property on behalf of the seller, IDI Gazeley, part of Brookfield Logistics Properties under the Brookfield umbrella. An affiliate of Lincoln Property Company purchased the center for $12.17 million free and clear of existing debt.
Freeport Distribution Center is a light industrial center situated on 10.92 acres at 5240 and 5302 West Buckeye Road in southwest Phoenix. The asset is located less than two miles away from Interstate 10. Built in 1989 and expanded in 1996, the property includes ceiling heights of 25 feet at 5240 West Buckeye and 28 feet at 5302 West Buckeye, a shared truck court depth ranging from 240 to 260 feet, oversized ramp doors and fenced yards. The center is leased to four tenants, including Nestle Waters North America Inc.; Hardwoods Specialty Products US LP; Moulding & Millwork, Inc., Pacific; and INS Brokers, Inc. dba ViaTek Solutions. The property was 72-percent occupied at the time of closing, providing significant additional value through lease up.
The HFF investment sales team was led by managing director Ryan Martin along with senior managing directors Anthony J. Brent and Brett Tremaine, director Ryan Fitzpatrick and associate director Tom Simmons.