Baron Properties Acquires 427 KSF Industrial Portfolio
The properties are located in Phoenix and Las Vegas.
Baron Properties has acquired a portfolio of seven industrial properties in the Phoenix and Las Vegas markets totaling 426,940 square feet, for an unspecified price. Piercey Realty Ventures was the seller.
The assets feature flexible configurations geared toward small- to mid-bay users and infill locations with access to regional freight corridors, according to Cushman & Wakefield, which facilitated the deal.
The portfolio is fully leased. Its tenant roster includes a mix of 11 regional and national occupiers. Most of the properties—six of the seven—are in metro Phoenix. The other is in suburban Las Vegas.
In the city of Phoenix itself are 1031 East Riverview Drive; 1020-1030 East University Drive; 5153 West Fillmore Street; and 4110 West Washington Street. In suburban Phoenix are 450 East Elliot Road in Chandler and 2546 West Birchwood Avenue in Mesa.
The largest of the Arizona properties is 1020-1030 East University Drive, which measures 104,876 square feet on 5.26 acres, according to Yardi Matrix. The building features 35 feet clear height, with three dock high doors and eight grade-level doors.
READ ALSO: How Grand View Arizona Could Shape Buckeye’s Next Chapter
The sole non-Arizona property is 915 East Dale Avenue in Henderson, Nev. The property measures 29,214 square feet and features 24 feet clear height.
Cushman & Wakefield’s team of Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren arranged the transaction and represented both the buyer and seller. Piercey Realty Ventures was also represented by Lee & Associates’ Phoenix team of Ken McQueen, Chris McClurg, Blake Peters and Jack Sims, as well as Cushman & Wakefield’s Jason Griffis and Alma Cuevas in Nevada.
A robust industrial market
Phoenix has seen significant industrial market growth in recent years, especially since TSMC launched its first Arizona fab in 2020. The impact includes conventional warehouse demand, but also the growth of specialized facilities for semiconductor suppliers and advanced manufacturers.
Developer and real estate investor Creation, in partnership with Crow Holdings Capital, started work in August on Avondale Tech Center, a three-building industrial campus in the Phoenix suburb of Avondale totaling about 700,000 square feet. The development is targeting advanced manufacturers.
Investors also remain interested in the market. In August, Nuveen Real Estate acquired two industrial buildings at the 210-acre Park303 logistics campus in Glendale, Ariz., for $170.3 million. Lincoln Property Co. sold the assets.
You must be logged in to post a comment.