Hines Snags Amazon-Leased Arizona Industrial for $56M

Hines Global REIT II Inc. closed on the acquisition of Goodyear Crossing II, an 820,384-square-foot industrial property in Goodyear, AZ, a submarket of Phoenix. The Houston-based REIT, sponsored by Hines, paid $56.2 million to Grammercy Property Trust for the industrial property, which is 100% leased to Amazon. Jones Lang LaSalle represented Grammercy.

The asset at West Commerce Drive and South Cotton Lane was completed in 2008 as a build-to-suit for Amazon. “We were attracted to this opportunity to expand our exposure to the U.S. bulk distribution and logistics market by acquiring this recent-vintage, institutional-quality industrial project with an investment-grade tenant that has heavily invested in the space,” said Sherri Schugart, who heads up the REIT. “Its location in the Southwest Valley is in the largest warehouse/distribution submarket in Phoenix that has become the center hub for the area’s growing e-commerce presence.”

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