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Bixby Land Co. has sold two last-mile industrial properties in Phoenix totaling 491,152 square feet, CommercialEdge data shows.
LaSalle Investment Management and Link Logistics acquired the fully leased assets in separate transactions. Cushman & Wakefield brokered the deals and provided leasing advisory.
LaSalle acquired Canal Crossing, a 155,144-square-foot facility featuring 30-foot clear heights, 130-foot truck courts, along with 37 dock-high loading doors and two drive-in doors. The 2015-completed property is at 5670 S. 32nd St. in the Airport submarket and provides easy access to interstates 10 and 17 and several other major thoroughfares.
The asset previously traded in 2015 for $14.7 million, according to CommercialEdge data, when Bixby purchased it from Conor Commercial. A LKQ Corp. subsidiary is the sole tenant of the 10-acre property.
READ ALSO: What’s Next for Industrial Real Estate?
Link Logistics bought Riverside @ 51, a 336,038-square-foot warehouse featuring 99 dock-high doors, six drive-in doors, 30-foot clear heights and a 135-foot truck court. Completed in 2007, the distribution center is at 2300 S. 51st Ave. in the Southwest Valley submarket. Downtown Phoenix is 7 miles away, while Phoenix Sky Harbor International Airport is some 11 mile southeast.
This asset last changed hands in 2018, when Bixby paid $27.2 million to Pacifica Real Estate Group, the same source shows. Tenants at the 19-acre property include Frito-Lay, Nivel Parts & Manufacturing and Olympian Worldwide.
The Cushman & Wakefield team consisted of Executive Vice Chair Will Strong, Senior Director Kirk Kuller, Director Michael Matchett and Senior Associate Molly Hunt. The leasing advisory team comprised Vice Chairs Mike Haenel, Andy Markham and Phil Haenel, together with Senior Associate Foster Bundy.
Phoenix’s steady transaction volume
Transactions in Phoenix amounted to $2 billion through the first 11 months of last year, the latest CommercialEdge industrial report shows. Assets traded at $158 per square foot on average, considerably higher than the $130 national figure.
In one of the metro’s most notable deals of last year, Prologis paid $184 million for a 2.7 million-square-foot industrial park in Goodyear, Ariz. The transaction was, at the time, Arizona’s largest multi-building industrial park sale.
In another sizable transaction, ViaWest Group partnered with Walton Street Capital in a $97.8 million portfolio acquisition. The six assets encompass some 587,000 square feet.
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