Panattoni Pays $8.5M for Phoenix Industrial Site
A real estate fund advised by Irvine, CA-based Panattoni has broken into the Phoenix, AZ market with the $8.5 million purchase of a 16-acre land parcel in Surprise, AZ. Named Surprise Point, Panattoni plans on commencing construction of the 274,000-square-foot industrial/distribution facility in early 2023.
Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Callahan Conway and Stephanie Saccente represented the seller, Atlas Capital Partners, in the sale of the fully entitled land parcel. “The site sits in the greater Master Plan of Surprise Pointe, comprised of 100 acres and planned for commerce, industrial and office,” commented Strong.
The property will be a rear-loaded building with 36’ clear height, 200’ truck courts, 60’ speed bays, ESFR sprinklers, ample power and the capability of being rail-served by BNSF. According to Cushman & Wakefield research, direct industrial vacancy in the Phoenix market is a healthy 4.4% and achieved nearly 21.7-million-square-feet of occupancy growth in 2022.