{"id":1004150882,"date":"2016-08-24T23:46:02","date_gmt":"2016-08-25T07:46:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150882"},"modified":"2020-05-12T23:11:27","modified_gmt":"2020-05-13T07:11:27","slug":"hines-grabs-west-valley-distribution-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-grabs-west-valley-distribution-center\/","title":{"rendered":"Hines Grabs West Valley Distribution Center"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004150883\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150883\" data-attachment-id=\"1004150883\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-grabs-west-valley-distribution-center\/lol\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg\" data-orig-size=\"1000,666\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"lol\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg?w=1000\" class=\"wp-image-1004150883 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg\" alt=\"Goodyear Crossing Industrial Park II\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/lol.jpg?resize=768,511 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150883\" class=\"wp-caption-text\">Goodyear Crossing Industrial Park II<\/p><\/div>\n<p><strong>Phoenix<\/strong>\u2014<a href=\"https:\/\/www.hines.com\/\" rel=\"nofollow\" target=\"_blank\">Hines<\/a>, through Hines Global REIT II, Inc., has acquired Goodyear Crossing II, an 820,384-square-foot, Class A <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial\/\" target=\"_blank\">industrial warehouse<\/a> located in the Goodyear submarket of Phoenix, for $56.2 million, from <a href=\"https:\/\/www.gptreit.com\/\" rel=\"nofollow\" target=\"_blank\">Gramercy Property Trust<\/a>.<\/p>\n<p>\u201cFirst and foremost, Hines is excited about industrial and logistics investment opportunities in Phoenix, which we view as a rising market and which, by absorption, is a top 10 market in the U.S.,\u201d Palmer Letzerich, Hines senior managing director, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cWe were particularly attracted to this building\u2019s yield, credit tenancy, and flexible specs, which include HVAC throughout the warehouse and expansion capability.\u201d<\/p>\n<p>The property is currently being utilized by Amazon.com, which has occupied the project since its completion in 2008, and utilizes it as a distribution facility.<\/p>\n<p>Also included in the sale is an adjacent parcel totaling approximately 11.8 acres that will allow an expansion of approximately 285,000 square feet, should the tenant wish to grow its operations there.<\/p>\n<p>Located at 16920 W. Commerce Drive, the one-story property also includes 1,400 parking spaces.<\/p>\n<p>The acquisition marks Hines Global REIT II\u2019s fifth investment, and its first within the Southwest region.<\/p>\n<p>\u201cAs logistics and e-commerce requirements continue to grow in size, we view Phoenix as a compelling destination for tenants and investors alike,\u201d Letzerich said. \u201cThe asset compliments the Hines investment strategy for the greater Phoenix logistics market where our team is actively pursuing acquisition and development opportunities.\u201d<\/p>\n<p>Gramercy Property Trust was represented in the transaction by JLL.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 820,384-square-foot industrial asset is currently occupied by Amazon.<\/p>\n","protected":false},"author":451,"featured_media":1004150883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,1601],"tags":[],"class_list":["post-1004150882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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