INDUS Realty Trust, Inc., a U.S.-based logistics real estate business, announced that it completed the acquisition of a fully leased, three building, 731,571 square foot Class A warehouse/distribution portfolio in the Phoenix, Arizona market.
The portfolio features market-leading attributes, including 30-foot clear heights, 124 dock-high doors, and rail access. The three buildings are located in the Tolleson submarket which services the local Phoenix metro area and has great access to I-10, a critical route to Southern California.
“We are thrilled to expand our footprint in the Southwest with the acquisition of these three high-quality, in-fill buildings. This portfolio has a strong, entrenched tenancy that utilizes the buildings’ unique attributes including rail service and significant available power. These factors, along with the limited future supply in the submarket, make this portfolio well-positioned for future rent growth,” said Andre Ciani, INDUS’ Director of Acquisitions for the Phoenix region.
Michael Gamzon, President and CEO of INDUS added, “Phoenix is a critical distribution location and a major advanced manufacturing hub that is supported by significant investments from multinational corporations and a fast-growing population. This acquisition increases our Phoenix portfolio to over 1.1 million square feet and positions us for continued success and growth in the market. With access to significant capital from our investors, Centerbridge, GIC, and ADIA, we remain focused on growing our platform through acquiring and developing high-quality industrial properties in top-performing markets.”
Will Strong and Molly Hunt of Cushman Wakefield arranged the transaction.
