CBRE Global Investors Acquires $49M Phoenix Facility
- Aug 30, 2018
CBRE Global Investors Acquisitions has bought Southwest Industrial Center, a Class A distribution building in Phoenix, for $48.5 million. JLL Capital Markets arranged the sale on behalf of the seller, Hines, who will remain the owner of the adjacent development site that was not part of the sale.
Located at 7775 W. Buckeye Road, the building constructed in 2015 comprises 684,420 square feet. Features include a 32-foot clear height, 52- by 60-foot bay spacing, ESFR sprinklers, HVAC climate control, a mezzanine level, insulated ceilings, sky lights, 52- by 50-foot column spacing, a 190-foot truck court, cross docks, dock levelers and bumpers, loading doors and 384 parking spaces. According to Yardi Matrix, Hines bought the asset back in December 2016 from Hillwood for $41.8 million. That sale was subject to a $24.3 million loan held by Comerica Bank.
JLL Managing Directors Bo Mills, Mark Detmer, Marc Hertzberg and Anthony Lydon, along with Vice President Ryan Sitov, represented the seller.
“Southwest Industrial Center is one of the premier logistics facilities in the western United States. Among the things that make it stand out are its true ‘main-and-main’ location and that it has virtually every modern amenity desired by today’s users. It will be very sought after by tenants,” Mills told Commercial Property Executive.
In June, CBRE Global Investors acquired 615 S. College in Charlotte, N.C., for $222 million. The newly completed 375,865-square-foot trophy office tower in the Uptown submarket was developed by Portman Holdings.
Image courtesy of JLL Capital Markets