INDUS Buys Phoenix Industrial Portfolio
The assets last traded in 2019.
INDUS Realty Trust has purchased a portfolio of three industrial facilities totaling 731,571 square feet in Tolleson, Ariz., part of the Phoenix metro area.
The firm paid previous owner Link Logistics about $116.7 million for the assets, according to Yardi Research Data.
Cushman & Wakefield’s Will Strong, executive vice chair, and Molly Hunt, director, brokered the sale.
According to Yardi Research Data, the three buildings included in the sale are:
- Mission Business Park
- Tolleson Commerce Park II
- 10397 W. Van Buren St.
The same source also reports a mix of ages for the buildings, with Mission Business Park having been completed in 1989, 10397 W. Van Buren St. in 1997 and Tolleson Commerce Park II in 1999. Link Logistics purchased the sites from DigitalBridge in a larger portfolio sale in 2019.
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All assets in the portfolio are fully leased and include 30-foot clear heights with rail access. Mission Park and Tolleson Commerce Park II are located next to each other at 4 and 5 South 84th Ave., with 10397 West Van Buren St. about 3 miles away.
The industrial properties all provide close access to Interstate 10 and are within 15 miles of downtown Phoenix.
Phoenix industrial market remains strong
Phoenix’s industrial market saw nearly $932 million in industrial sales this year through May, according to Yardi research data, with the area seeing an average price of $198.30 per square foot—the third-highest figure in the country. In April, BKM Capital Partners acquired another three-building portfolio in the area totaling 778,000 square feet for $156.8 million.
While industrial completions slowed this year, development in Phoenix accelerated with 16.8 million square feet underway as of June. That’s more than double the amount of space in the pipeline compared to the same time last year.
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