In a $44.3 million deal, IIT Acquisitions LLC has purchased Buckeye Logistics Center, a two-building, 684,064 square-foot industrial property in the Valley, from Principal Real Estate Investors.
Mark Detmer and Bo Mills, managing directors in Jones Lang LaSalle Inc.’s capital markets group, arranged the transaction. The property was fully leased at the time of closing.
Developed in 2008, Buckeye Logistics Center is located at 6825 and 6913 W. Buckeye Road in the Southwest Phoenix submarket. It has convenient access to Interstates 10 and 17, the 101 Freeway, and Sky Harbor International Airport.
Located on a 14-acre site, the 6825 W. Buckeye facility totals 380,569 square feet and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The 6913 W. Buckeye facility features 303,495 square feet on 17 acres and is fully leased to Philosophy and Kellogg. Each building offers such features as 32-foot clear heights, trailer storage and cross-dock loading.
Phoenix’s industrial market turned in a stronger performance during the first quarter than it has for some time, registering 1.24 million square feet of positive net absorption. Vacancy dropped to 11.1 percent, excluding flex properties, and rental rates climbed in six of Phoenix’s eleven industrial submarkets.
The Southwest and Scottsdale submarkets recorded their second consecutive quarter with an incremental increase in asking rents, according to Jones Lang LaSalle.
The Southwest submarket, which is home to more than 25 percent of the entire Phoenix industrial market inventory, recorded net absorption of more than 215,606 square feet of space during the first quarter.
Chart courtesy of Jones Lang La Salle