Cushman & Wakefield arranged the sale of a newly delivered 641,906-square-foot Class A industrial/logistics building on approximately 40 acres in Buckeye, Arizona, a growing city in the west Phoenix Metropolitan Area. Recently completed and strategically located with frontage along Buckeye’s I-10 freeway, just west of Verrado Way, the state-of-the-art building was fully vacant at the time of sale.
Philadelphia based EQT Exeter, one of the largest real estate investment managers in the world, acquired the asset from the developer, BET Investments, for $60.1 million. Located at 440 North 215th Avenue, the standalone building represented Phase I of a larger 145-acre project, titled Buckeye I-10 Logistics, that BET Investments owns and continues to develop. EQT Exeter will be fully rebranding its new 641,906-square-foot building under a new moniker, I-10 Gateway.
“EQT Exeter is excited by the opportunity to acquire this newly built “blank canvas” facility featuring the highest quality modern specifications and features, thanks to BET’s foresight and thoughtful design. We are committing our resources and expertise to proactively deliver building improvements, to include warehouse AC, LED lighting, administrative office, dock levelers, and electrical distribution panels, so modern users can effortlessly occupy a market-ready building in short order. Our goal is to make this the premier location for distribution and manufacturers needing a large, regional hub location,” said Scott Guo, an Investment and Leasing Officer with EQT Exeter.
“Our first step will be unveiling a new branding campaign with the building’s new name, I-10 Gateway, given its prime position at the gateway in and out of the flourishing Phoenix market with direct access to the region’s main transportation artery of I-10, combined with convenient access to the metro’s extensive circulation of highways, including I-17, 303, 202, 101, and more,” noted Guo.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West represented both seller and buyer in the transaction. Cushman & Wakefield’s Andy Markham and Mike Haenel were also retained by EQT Exeter to serve as the project’s leasing team.
“This is rare investment opportunity of an exceptional large-scale, value-add logistics building thoughtfully developed by BET Investments with a “main and main” location in Phoenix’s highly sought-after Southwest Valley. EQT Exeter seized a great opportunity to look to capitalize on the continued solid demand for premier industrial space in the market and at attractive rental rates for product of this stature. This sale was a prime example of a win-win situation for both parties,” said Executive Vice Chair Will Strong.
“The newly named I-10 Gateway Class A logistics building provides occupiers with one of the best locations in the Phoenix Southwest Valley submarket,” said Andy Markham. “Buckeye offers outstanding proximity to the Southern California Ports and therefore has become a preferred location for major industrial occupiers in need of strategic logistics and warehouse facilities in the Southwest U.S. The location allows tenant(s) in the building to reach major markets including Southern California, Nevada, New Mexico, Denver, Utah, and more, all within a day’s drive.”
According to Cushman & Wakefield research, although there has been some recent adjusting in the industrial sector, the Phoenix Metro industrial market has reported a stunning 48 consecutive quarters (12 years) of positive net absorption starting in Q2-2012 through Q1-2024 amounting to nearly 130 million square feet of occupancy growth.
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