JLL Capital Markets announced today the $51 million sale of KV Buckeye 10, a new 249,600-square-foot industrial complex that is 60% leased. The project is located in Buckeye, Arizona, which has been ranked as the fastest-growing city in the U.S. over the past five years.
MORE NEWS: The 10 fastest-growing housing markets in Arizona
JLL worked on behalf of the seller, Kentwood Ventures, to facilitate the sale to MDH Partners, LLC.
KV Buckeye 10, completed in August 2023, is situated on an 18.7-acre site and consists of two buildings: one spanning 115,200 square feet and the other covering 134,300 square feet. The project was designed to seamlessly accommodate tenants of various sizes, from mid-bay to large enterprises, with optimal efficiency. Additionally, the project is the only existing Class A industrial project in Buckeye with spaces available below 50,000 square feet.
Strategically positioned off the I-10 Freeway and Verrado Way, KV Buckeye 10 offers unparalleled access to the West Valley. Tenants benefit from high visibility along the I-10 Freeway, with convenient proximity to the Inland Empire, the Ports of Los Angeles and Long Beach, all within a travel time of 4.5 to 5.5 hours.
“Kentwood was fortunate to benefit from locating early in the robust I-10 corridor, dependable backers in ICM and CIBC and reliable support from the City of Buckeye,” said Jim Zemezonak at Kentwood Ventures.
The JLL Investment Sales and Advisory team was led by Senior Director Greer Oliver and Associate Connor Nebeker-Hay, who represented the seller in this transaction. JLL’s Managing Director John Lydon and Vice Presidents Hagen Hyatt and Kelly Royle were also retained by MDH to continue serving as the project’s leasing team.
“KV Buckeye 10 is a rare investment opportunity,” said Oliver. “It offers stable cash flow with 60% of the project already leased, and there is potential to create value by leasing the remaining space. The demand for small and midbay tenant sizes in Buckeye has remained robust, as there are no available spaces for tenants requiring less than 50,000 square feet. This strong demand is evident in the project being 43% pre-leased prior to completion.”
JLL 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
