PHOENIX SALE IS AMONG 10 LARGEST INDUSTRIAL DEALS OF THE YEAR
In one of the top 10 largest industrial transactions of the year, The Koll Company, and Seera Investment Bank B.S.C.(c), based in the Kingdom of Bahrain, acquired a 1,009,351-square-foot distribution center in Phoenix, Arizona for $74.75 million.
The massive warehouse, located within the Buckeye Logistics Center, is fully leased to a Fortune 50 international E-Commerce company, which uses the facility as a small package sorting and distribution facility.
Built in 2007, the facility at 6835 W. Buckeye Road initially totaled 604,678 square feet. Four years later, it was expanded by 404,673 sq. ft. to accommodate the tenant’s growth.
“We are pleased to add a fully-leased project with a world-renowned tenant to our growing portfolio, which provides superior cash returns,” said Gerald O. Yahr, Koll’s Managing Principal. “Our mission is to create long term value as well as near term returns for our investors, and this project will be a marquee asset as we continue to pursue other strategic investment opportunities throughout the Western United States.”
Koll has been active in the greater Phoenix market since the 1970’s and this property marks Koll’s most current acquisition in the market since 2008.
This was a partnership between The Koll Company and Seera Investment Bank B.S.C.(c), a private equity firm based in the Kingdom of Bahrain with investments across global markets. Seera was advised by CBRE Capital Advisors, Inc. Jones Lang Lasalle represented the seller in the sale transaction and the buyer in sourcing debt, which was provided by Benefit Street Partners.