CBRE GI Buys PHX Distribution Facility from Hines for $49M
Los Angeles-based CBRE Global Investors Acquisitions, LLC acquired Southwest Industrial Center in Phoenix from Houston-based Hines for $48.5 million. The property at 7775 West Buckeye Rd. is a 32-foot clear height, Class A cross-dock distribution building constructed in 2015, and totals 684,420 square feet.
JLL’s Bo Mills, Mark Detmer and Ryan Sitov, along with Marc Hertzberg and Anthony Lydon, represented the seller.
“Southwest Industrial Center is located in one of the largest and most sought after industrial markets in the West, and offers stable in-place income as well as an immediate upside through further lease-up of the existing vacant space,” said Mills.
Hines still owns an adjacent development site, which was not part of the sale.
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