Colliers International in Greater Phoenix recently completed the sale of a 486,241-square-foot warehouse in Phoenix for $24.25 million, or $49.87 per square foot.
Exeter Property Group, headquartered in suburban Philadelphia, bought the property, at 5555 W. Lower Buckeye Rd., from Prologis Inc., a San Francisco-based REIT.
Executive Vice Presidents Don MacWilliam and Payson MacWilliam with Colliers International represented the buyer and seller.
Exeter Property Group and Prologis are real estate investment organizations for which one shared area of specialization is the acquisition, development, leasing and management of industrial properties.
Prologis built the cross-dock distribution warehouse in 2013. The building sits on a 27.73-acre lot in Park Riverside 2, part of a 150-acre industrial park setting in a designated Foreign Trade Zone magnet site.
The LEED-certified building has a 1,893-square-foot office, 118 dock-high doors, and four drive-in doors. The warehouse is in the favorable Riverside Tax District and has quick access to the I-10 and future Loop 202. Corporate neighbors include Amazon, Home Depot, Frito Lay, Federal Express, Kraft, DHL and Marshalls.
“This is the largest industrial building Prologis has constructed in Phoenix and the property is ideal for distribution-oriented tenants,” said Don MacWilliam, adding that Exeter will lease the warehouse and the MacWilliam brothers will retain the leasing assignment.
Exeter has acquired other properties in southwest Phoenix, including another warehouse from Prologis, at 2225 S. 43rd Ave., purchased in early 2014.
“This was an excellent opportunity for Exeter to establish a larger presence in the Phoenix market with a quality distribution facility,” said Don MacWilliam, noting, “The timing and price was also right for Prologis to complete the transaction with Exeter.