Hines, headquartered in Houston, came to an agreement with Dallas-based Hillwood Property Trust, to acquire the 684,000-square-foot Southwest Industrial Center at 7775 W. Buckeye Rd. in Phoenix. Hines paid $47.3 million for the asset.

In addition to the building, of which 35% is leased to AmerisourceBergen, the transaction came with an adjacent parcel that could hold up to an additional 567,000 square feet. The transaction is Hines’ second logistics investment in Phoenix. The company is “aggressively targeting tenants of up to 455,000 square feet in the existing building,” according to Hines’ Charlie Meyer.

Tony Lydon and Marc Herzberg with JLL have the leasing assignment.

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