PHOENIX WAREHOUSE FACILITY SELLS FOR $75 MIL
In one of the largest industrial acquisitions of the year, The Koll Company and Seera Investment Bank B.S.C., based in the Kingdom of Bahrain, acquired a 1 msf distribution center in Phoenix for $74.75 mil ($75/sf). 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 Rd, just south of I-10, initially totaled 604.7k sf. Four years later, it was expanded by 404.7k sf 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.
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.