Leading global real estate investor, asset manager and business builder Oxford Properties Group (“Oxford”) and prominent real estate investment management firm EverWest Real Estate Investors (“EverWest”) have closed on the $26.34 million Chandler Airpark. The deal completes the JV’s $46.34 million acquisition of a three-building, 261,940-square-foot, Kitchell-built Class A industrial portfolio that was recently completed and delivered in Chandler, Arizona.

Collectively, the acquisitions follow the JV’s objective to acquire and develop approximately US$1.0 billion (gross asset value) of core-plus and value-add light industrial product in major U.S. growth markets.

Oxford and EverWest began the acquisition of the Kitchell portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company.

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Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119 square feet and 66,711 square feet, respectively. Each building features 28’ clear height, dock-high and ground-level loading positions, concrete truck courts, and generous power and parking.

“Chandler Airpark allowed us to acquire a vacant building with the opportunity to lease, stabilize and hold in a market experiencing exponential population growth and demand,” said EverWest Managing Director of Asset Management Amr Ceran. “We are extremely bullish on the Arizona market and are pursuing additional acquisitions here in the year ahead.”

“Speed to market is critical for industrial users and these projects meet that demand, providing immediate move-in for tenants and strong yield for ownership,” said Ankit Bhatt, Vice President of Investments at Oxford Properties. “This is in direct alignment with our investment goals and continues to build a foundation of extremely stable, logistics-based holdings.”

Chandler Airpark and 800 E. Germann are located along E. Germann Road, minutes from Chandler Municipal Airport and within one mile of Loop 202, offering quick access to two full-diamond interchanges and the market’s highly skilled labor pool.

Together, the portfolio totals 261,940 square feet within the Chandler Airport submarket, which in the past two years has grown from .4 million square feet to 4.8 million square feet of net industrial absorption, driven by tenant and market demand.

Ceran and Managing Director of Acquisitions Erik Good directed the transaction for EverWest. Will Strong of Cushman & Wakefield served as the sales broker.

Since launching their joint venture late in 2021, Oxford and EverWest have secured 16 light industrial assets across target markets in the Northeast, Southern, Mountain, Southwest, West Coast and Pacific Northwest regions.

Part of a thematic capital allocation strategy, Oxford has substantially grown its global industrial business over recent years. Last August it acquired a 149-building, 14.5 million-square-foot light industrial portfolio across 12 U.S. markets from KKR for US$2.2 billion. While in September Oxford announced it had completed its acquisition of M7 Real Estate, a market-leading pan European logistics investment and asset manager.

As a result of its sustained growth, logistics now represents the largest allocation of capital within Oxford’s global real estate portfolio. Building on this momentum, Oxford and EverWest will continue to seek strategy-driven, infill light industrial acquisition opportunities across key U.S. growth markets.