With most of the supply chain limitations caused by the pandemic being alleviated, trade and logistics are picking up the pace and investors are focusing on the most valuable industrial real estate assets across the country. That has led to some of the priciest industrial sales in history.
DEEPER DIVE: Phoenix ranks No. 2 for most industrial real estate under construction
Keeping this in mind, the newest report published by CommercialSearch ranks 2022’s priciest industrial property transactions and delves into how top U.S. markets fared in terms of yearly sales volume and average price per square foot.
Here are some key highlights:
• Three Phoenix industrial deals ranked among the nation’s 50 priciest industrial sales of 2022. The highest-ranking Phoenix entry was the $187 million sale of the Elliot 202 (ranked 18th). The 1,194,923-square-foot building was acquired by California State Teachers’ Retirement System from Marwest Enterprises for $156 per square foot on August 15th, 2022.
• Second, the $135 million transaction of the Cubes at Glendale – Building A from CRG to LaSalle Investment Management ranked as the 44th priciest U.S. industrial deal of 2022. This 1,200,140-square-foot building was sold for $112 per square foot on September 30th, 2022.
• Finally, the $130 million portfolio sale of the Landing 3 property consisting of 7 buildings concluded the top 50 priciest industrial property transactions of 2022. The 525,342-square-foot property was sold for $247 per square foot on January 27th, 2022, by Dune Real Estate Partners to Cohen Asset Management.
• Phoenix industrial space was the 6th most expensive in the country, with sales here averaging $198 per square foot in 2022.
• Phoenix was 7th among top industrial markets by sales volume in 2022, with a total of $3.2 billion in industrial real estate transactions.
You can find more information about this topic in the full report: https://www.commercialsearch.com/blog/top-50-industrial-real-estate-sales-2022/
