
CBRE Global Investors Picks Up PHX Logistics Facility
CBRE Global Investors acquired Tempe Logistics Center, a 175,314-square-foot industrial building located in the Southeast Valley submarket of Phoenix, on behalf of Allstate as part of its investment portfolio. Cushman & Wakefield’s Will Strong, Mike Haenel, Andy Markham and Phil Haenel negotiated the $18.1-million transaction on behalf of the Irvine, CA-based seller, LBA Realty.
Located at 1524 W. 14th Street in Tempe, AZ, the property is a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio, and 130-foot truck courts. Recent tenant improvements include full air conditioning in the office and warehouse space, an office and kitchen buildout, and an upgraded power supply.
Strong says, “This investment opportunity offered both stable cash flow in its long-term leases and value-add upside potential with a below-market rate.” The asset is fully leased to high-quality, investment-grade tenants.
For comments, questions or concerns, please contact Dennis Kaiser