Proximity to Urban and Quality Assets Propel Sales
August 3, 2016
BY LISA BROWN
Buckeye Logistics Center is a fully leased, class-A industrial property.
PHOENIX—Proximity to the Southwest’s major urban areas and high-quality assets continues to attract capital and propel Phoenix industrial sales. An example of that type of high-quality asset is the fully leased, class-A industrial property, Buckeye Logistics Center.
The Koll Company recently purchased the asset for $74.75 million. 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.
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. initially totaled 604,678 square feet. Four years later, it was expanded by 404,673 square feet 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.”
Buckeye Logistics Center is located two miles from the Interstate 10 freeway, which connects Phoenix and California, and is 12 miles from Sky Harbor International Airport. The building features a clear height of 30 feet, a 175-foot truck court and 14,000 square feet of office space. The campus encompasses nearly 43 acres and includes 952 parking spaces for cars and 174 trailer spaces.
The debt was provided by Benefit Street Partners. Seera was advised by CBRE Capital Advisors Inc. JLL acted on behalf of Duke Realty Corporation and Gramercy Property Trust in the transaction, according to JLL’s Capital Markets experts in a GlobeSt.com exclusive. Managing directors Bo Mills and Mark Detmer, and executive vice president Pat Harlan led the JLL team on the deal.
“Phoenix’s industrial sector continues to be an attractive market to place capital, especially for assets such as the Buckeye Logistics Center with credit tenancy and a superior location,” said Mills. “Class-A products with state-of-the-art features such as Buckeye Logistics Center exemplify the best this leading industrial market has to offer.”