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| Palmer Letzerich |
PHOENIX, AZ – Hines, the
international real estate firm, announced it has acquired the Southwest
Industrial Center, a Class A industrial park located in the heart of the
Southwest Valley submarket in Phoenix, Arizona, from Hillwood Property Trust.
Financials on the deal were not disclosed.
The project consists of a
684,000-square-foot, 32’ clear logistics warehouse and an adjacent development
parcel capable of accommodating a second building of 567,000 square feet.
The
existing building is 35 percent leased to AmerisourceBergen, a market leader in
pharmaceutical distribution, who is currently #16 on the Fortune 500.
Palmer Letzerich, Senior Managing Director, said, “Our logistics group is excited to
continue our expansion in Phoenix with what we see as the Southwest Valley’s
premier property.
“With our recent
investment in Goodyear and this new acquisition at Buckeye and 75th, we are
pleased with our growth in the Southwest Valley. As part of our commitment to
the Phoenix market, we are now targeting investments in the Sky Harbor airport
submarket.”
 |
| Charlie Meyer |
Hines has assigned the
leasing assignment to the Tony
Lydon/Marc Herzberg team at JLL. The acquisition of Southwest Industrial
Center is Hines’ second logistics investment in Phoenix and brings the Hines
logistics platform to over 5.1M square feet in the Southwest Region of the
United States.
Hines Managing Director Charlie Meyer noted, “The Southwest
Industrial Center is a quality asset that we feel we can position immediately
to meet the growing tenant demand in the Southwest Valley.
“We are aggressively
targeting tenants of up to 455,000 in the existing building and have the
flexibility to accommodate build to suits of up to 570,000 on our development
parcel.
"We look forward to working with JLL on a successful lease up of
building 1 and on the development of building 2.”
For a complete copy of the company’s
news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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