SENTRE Buys Phoenix Industrial Asset for $49M
SENTRE has purchased a 322,070-square-foot industrial asset in Tolleson, Ariz., for $48.8 million. Brennan Investment Group sold the metro Phoenix property with representation from Cushman & Wakefield.
The asset came online in 1988 and was expanded in 2010. Brennan acquired it two years later in a $178 million portfolio deal encompassing 3.8 million square feet, CommercialEdge data shows. AIC Ventures sold that collection.
Specifications include clear heights of nearly 35 feet, 29 dock and six grade-level doors, roughly 26,000 square feet of office space and truck courts with depths between 110 and 140 feet. Additionally, the property features 110 parking stalls.
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WinCup—a manufacturer of foodservice products which had owned the building between 1999 and 2008, according to CommercialEdge data—fully leases the facility. The triple-net deal is set to expire in 2039.
Located on more than 15 acres at 7980-7990 W. Buckeye Road in Phoenix’s Southwest Valley submarket, the facility is less than 3 miles south of Interstate 10. The area has witnessed a boost in warehouse and logistics space demand as it provides access to a nearby railroad and thoroughfares such as interstates 10 and 17, Loop 101 and 202, according to Cushman & Wakefield.
The Cushman & Wakefield team that represented Brennan included Executive Vice Chair Will Strong, Vice Chair Phil Haenel, Director Foster Bundy and Associate Katie Repine.
Industrial investment shines in The Valley
Greater Phoenix’s industrial sale volume totaled more than $2.2 billion in the first 10 months of the year, according to a CommercialEdge report. Only two western markets fared better—the Bay Area ($3 billion) and Los Angeles ($2.4 billion).
Assets traded on average for $159 per square foot year-to-date through October, above the national average of $129 per square foot, the same source reveals.
The Southwest Valley in particular witnessed heightened sales activity. Just last month, BGO paid $118.3 million for an Ares Management property in Buckeye, Ariz. Amazon is the sole tenant of the 1 million-square-foot facility.
In July, BlackRock-managed funds acquired CRG’s 1.2 million-square-foot asset in Glendale, Ariz., for $128.1 million. Amazon leased that facility as well. The building is part of a 335-acre industrial park set to comprise 5.5 million square feet upon full build-out.
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