Cushman & Wakefield has arranged the sale of Pima Street Logistics Center, a 97,240-square-foot standalone industrial building on approximately 4.2 acres in Phoenix, Arizona. Set in the highly sought-after Sky Harbor submarket, the infill building is currently 100% leased to three tenants. The property was acquired by an Ares Management Real Estate fund (the “buyer” or “Ares”) and will be managed by Ares Industrial Management, a leading owner and operator of logistics facilities. The sale price was $18 million, according to Vizzda.
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Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West team represented the seller, Berkeley Partners, in the transaction.
“Pima Street Logistics Center represents a premier infill industrial asset, strategically located in the heart of the Sky Harbor Airport submarket,” said Will Strong.
“The lack of available land for development, in addition to there being no foreseeable plans for similar projects in the near future, makes Pima Street Logistics Center an excellent investment for the buyer in both the near and long term,” added Molly Hunt.
Pima Street Logistics Center features a functional multi-tenant layout, efficient loading, multiple storefronts, LED lighting, as well as ±0.5 acres of secured yard. The property is conveniently located near downtown Phoenix and is less than a mile from the I-17 and the I-10, two critical logistical routes serving the Phoenix Metro area and other major markets in nearby states.
According to Cushman & Wakefield’s most recent Q2-2024 market report, vacancy in the Airport submarket stood at a healthy single-digit rate of 6.2% and has recorded nearly 1.4 million square feet of new leasing activity through the first half of 2024.
