Even though MDH Partners owns 85 assets in 20 states, Managing Director George Rowe says it’s hard to beat the Phoenix market, “Phoenix is a strategic market for us, as it now ranks second in the nation for industrial growth…it continues as a highly desirable market for tenant demand.”
The two-building acquisition of Kentwood 303, is located in Glendale, adjacent to Phoenix. One building is 143,000 square feet, the other 128,000 square feet. The project is located less than a mile from the recently completed Loop 303 and only four miles from Phoenix Sky Harbor Airport.
According to JLL, who represented the seller, the region has only a 6.5% vacancy rate, the lowest in ten years. Just a few years ago, MDH acquired 41 acres of industrial-zoned land down the street from Kentwood 303. Currently under construction, it’s expected to be delivered fully leased.