Deer Valley Last-Mile Logistics Building Sells for Nearly $75M

A newly developed 145,474-square-foot last-mile fulfillment/distribution facility on 34 acres in Phoenix recently sold for $74.7 million. Built in 2021, the class-A single-tenant asset is 100 percent leased to a global Fortune 50 e-commerce company.

The property was developed and sold by a joint venture between Seefried Properties and a real estate fund advised by Crow Holdings Capital. The buyer was Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets.

Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay with Cushman & Wakefield in Phoenix represented the seller in the transaction.

“Strategically located in the flourishing Deer Valley submarket, the property represents a best-in-class last-mile logistics building in metropolitan Phoenix that is supported by a high-credit global tenant,” said Strong. “This logistics hub provides users with outstanding access to transportation, labor and consumers critical to the tenant’s business. Mission-critical parking and dedicated queuing lanes create long-term value with flexibility to continue providing automobile/van parking.”