Saturday, December 24, 2016

Hines Acquires 1.2 million-square-foot Class A Industrial Park in Phoenix Southwest Valley

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
Marketing & Public Relations
(480) 600-0195

No comments: