Tag Archives: Prologis

Riverside, WEB

Prologis Riverside Distribution Center in Phoenix Sells for $13.2M

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.

Broadway Ind Portfolio

Jones Lang LaSalle Closes $22 Million Portfolio Sale

Capital Markets experts in the Phoenix office of Jones Lang LaSalle (JLL) have completed a $22.1 million sale of Broadway Industrial Portfolio, totalling three Class A buildings and 308,038 square feet in Tempe, Ariz. The deal is JLL’s second investment sale in the area this quarter, accentuating the strength and draw of the submarket’s commercial real estate inventory.

Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills represented the property seller, San Francisco-based Prologis, Inc. The buyer is DCT Industrial Trust.

Broadway Industrial Portfolio encompasses an 110,000-square-foot building at 1005 W. Alameda Dr; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt St., all in Tempe. Each building is a Class A, institutional quality asset offering manufacturing, distribution and office space. The properties are also all located directly off of Interstate 10 and fully occupied, with no near-term rollover, to tenants including United Stationers Supply Co., ACI Plastics, Inc., Misty Mate, Inc. and Triumph Group, Inc.

“These buildings are exceptional in that they combine outstanding functionality and full occupancy with a true Class A image in an infill location,” said Detmer. “This includes access—within minutes—to many of the key amenities that a high-end industrial user might need: an extensive freeway network, international airport, deep labor pool and host of retail opportunities.”

In addition, the project is located within the Southeast Valley, an area that over the last decade has remained one of the nation’s fastest growing regions for industrial and technology companies, and according to JLL is well situated for long-term stability.

Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, will serve as the exclusive leasing brokers for the property buyer on behalf of DCT Industrial Trust.

This is the second investment sale closed by JLL in the Tempe submarket this quarter. In July, the firm completed a $27.1 million sale of Broadway 101 Office Park, a deal that was driven by high market demand and fundamentals reminiscent of pre-recession transactions.

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

rsz_i_10_west_businesscenter_buckley

Prologis Sells I-10 West Business Center for $3.9M

Prologis, Inc. — owner, operator and developer of industrial real estate — sold the I-10 West Business Center in Phoenix for $3.925M to TRPF III/TCC – I-10 West (Trammel Crow and Thackeray Partners, Dallas).

Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets group represented Prologis during the sale of the ±81,571 SF, 3-building industrial center at 5536 and 5546 W. Roosevelt and 5045 W. Latham.

“I-10 West Business Center is ideally positioned to outperform the current market,” Buckley said. “Located in the largest industrial submarket in the Valley, the property had the ideal combination of in-place income, with 100 percent occupancy and upside potential for additional income as the market strengthens and rents and value improves.”

Built in 1986, I-10 West Business Center is a multi-tenant industrial property. It was fully leased to seven tenants at the time of sale. The occupants include USALCO, Ltd., Smalley & Company, 8 Net, Inc., Clayton Glass and Batesville Logistics.

In other Cassidy Turley deals:

>> Bank of the West closed on the sale of a ±18,133 SF industrial property at 4280 W. Opportunity Way in Anthem. The undisclosed buyer purchased the property, which was built in 2005, for $910,000. Paul Sweetland, SIOR, with Cassidy Turley’s Industrial Group (formerly with Voit Real Estate Services) represented the sellers. Cushman and Wakefield represented the buyers. Voit is the property management company for the building.

>> Enright Capital of Calgary, Alberta, purchased Ahwatukee Foothills Corporate Park for $6.8M from Midfirst Bank. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets group represented Midfirst in the sale of the ±87,772 SF, 4-building flex office property at 4621-4633 Chandler Blvd. in Phoenix.

“Ahwatukee Foothills Corporate Park has an ideal location for flex office and medical tenants, serving three of the wealthiest zip codes in Metropolitan Phoenix,” Cartledge said. “The property was 59 percent occupied at the time of sale, allowing Enright to substantially increase the value add of the property by leasing out the vacant space.”

Enright also owns two properties in Scottsdale; Westar Center, a ±43,550 SF industrial/showroom and Zocallo Plaza, a ±51,195 SF retail center. The Canadian investment company purchased both Scottsdale properties in 2011.

 

87681015

Phoenix lands 2 new massive warehouses

Phoenix has landed two new warehouses totaling nearly 2 million-square-feet.

The Arizona Republic reports that Fortune 500 retailer Marshalls is building a 1.2 million-square-foot distribution warehouse on 100 acres in southwest Phoenix. The discount retailer plans to hire 300 people for its new Phoenix facility.

In addition, San Francisco-based developer Prologis Inc. is building a nearly 500,000-square-foot warehouse in the same area.

Prologis is applying to receive foreign-trade-zone designation for the business park and has a development agreement for the status with the city of Phoenix.

Companies qualifying for the designation receive benefits including reduced customs-reporting requirements and a 75 percent reduction on property taxes.

Prologis Riverside Park

Prologis Begins Development On 486,200 SF Spec Warehouse In Phoenix

Prologis, a global owner, operator and developer of industrial real estate, today announced that it has begun construction on a 486,241 SF cross-dock facility in Prologis Park Riverside with a target completion date of April 2013.

The building – situated on a 27-acre parcel – represents the first speculative development in Phoenix since 2008.

It is part of a larger 153-acre master planned industrial park where Prologis sold 100 acres to a Fortune 500 retailer that plans to build a 1.2 MSF distribution and fulfillment warehouse on the site.

Prologis is pursuing magnet foreign-trade zone (FTZ) designation for the Park and in support of this has entered into a development agreement with the City of Phoenix.

Customers qualifying for FTZ status enjoy several benefits including duty deferral, reduced customs reporting requirements, and a 75 percent reduction in real property tax and on qualifying personal property and equipment.

Prologis has selected Don MacWilliam at Colliers International in Phoenix as its listing broker.

Prologis

Prologis Buys 106,000 SF Facility; Plans Additional 221,000 SF Spec Building

Prologis, one of the most prolific buyers of industrial properties in the Valley, purchased the former Plastican plastic injection molding facility for $6.2M.

The seller was Phoenix Plastican Properties, LLC of Leominster, Mass.

The 106,000 SF property is situated on 21.5 acres and is located at 4101 W. Buckeye Rd. Plans on the excess 15.9 acres call for the construction of 221,00 cross dock industrial building which will be located at the SWC of 43rd Ave. and Buckeye Rd. The speculative building will have 62 dock high doors, 32’ clear height and 82 trailer stalls.

Lee & Associates principals Matt Hobaica and Nate Bubeck represented both the buyer and seller in this transaction.

“This property offers Prologis an excellent opportunity to build a state-of- the-art building at a time when the Phoenix industrial market is showing strong momentum,”  Hobaica said.

The 106,000 SF manufacturing building was constructed in 1993 and is situated on 5 acres with a fenced yard. The building offers rail service, 12 dock high doors and 24’ clear height will be reconditioned and offered for sale or lease.

For more information on Prologis, visit their website at www.prologis.com.