Three-Building Logistics Portfolio Acquired by CBRE Investment Fund
The buildings are a combined 230,385 square feet, all in the South Airport submarket. That puts them close to the I-10 freeway and Sky Harbor Airport. The Ports of Los Angeles and Long Beach are a days drive.
CBRE Investment Fund Management’s Mary Lang likes the Phoenix area for its consistent performance, “Phoenix has remained a top market for logistics users and manufacturers given the areas affordability…and rent growth within the South Airport submarket has historically been one of the strongest-performing markets in Phoenix.”
A CBRE study reported that the market has had 48 consecutive quarters of positive absorption and a record low industrial vacancy rate of 4.5% as of the fourth quarter 2021.