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| Freeport Distribution Center, 5240 and 5302 West Buckeye Road Southwest Phoenix, AZ |
IRVINE, CA – HFF announced it has closed the sale of
Freeport Distribution Center, a two-building, 219,240-square-foot distribution
center in Phoenix, Arizona.
HFF marketed the property on behalf of the seller, IDI
Gazeley, part of Brookfield Logistics Properties under the Brookfield
umbrella.
An affiliate of Lincoln
Property Company purchased the center for $12.17 million free and clear of
existing debt.
Freeport Distribution Center is a light industrial center
situated on 10.92 acres at 5240 and 5302 West Buckeye Road in southwest
Phoenix.
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| Ryan Martin |
The asset is located
less than two miles away from Interstate 10.
Built in 1989 and expanded in 1996, the property includes ceiling
heights of 25 feet at 5240 West Buckeye and 28 feet at 5302 West Buckeye, a
shared truck court depth ranging from 240 to 260 feet, oversized ramp doors and
fenced yards.
The center is leased
to four tenants, including Nestle Waters North America Inc.; Hardwoods
Specialty Products US LP; Moulding & Millwork, Inc., Pacific; and INS
Brokers, Inc. dba ViaTek Solutions.
The
property was 72-percent occupied at the time of closing, providing significant additional
value through lease up.
The HFF investment sales team was led by managing director Ryan
Martin along with senior managing directors Anthony J. Brent and Brett
Tremaine, director Ryan Fitzpatrick and associate director Tom
Simmons.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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