{"id":1004268575,"date":"2018-10-01T04:03:09","date_gmt":"2018-10-01T12:03:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004268575"},"modified":"2022-12-08T15:42:50","modified_gmt":"2022-12-08T23:42:50","slug":"amazon-leased-distribution-center-commands-98m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amazon-leased-distribution-center-commands-98m\/","title":{"rendered":"Amazon-Leased Distribution Center Commands $98M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"6835<\/a>

6835 W. Buckeye Road<\/p><\/div>\n

A joint venture between The Koll Co. and Seera Investment Bank B.S.C. has sold Buckeye Logistics Center, an approximately 1 million-square-foot distribution center in Phoenix, for $98.3 million.<\/p>\n

The Koll Co. acquired the warehouse\/distribution facility, which is fully leased to Amazon, two years ago for $74.8 million.<\/p>\n

\u201cWhen we acquired this property, there were four years remaining on the lease with Amazon,\u201d <\/em>Scott Lanni, The Koll Co.\u2019 principal, told Commercial Property Executive. \u201cWe strongly believed in Amazon\u2019s continued growth, felt that they would be a great long-term tenant, and immediately engaged with Amazon to reposition the building for their new soft goods distribution.\u201d<\/em><\/p>\n

In fact, the company just completed a new 11-year lease with Amazon, increasing the ultimate value in the real estate. Mark Detmer and Bo Mills of JLL helped facilitate the building\u2019s conversion and Amazon\u2019s extension. The Koll Co. even helped Amazon in their purchase of an adjacent parcel for additional truck trailer storage.<\/p>\n

Adding value<\/strong><\/h2>\n

Located at 6835 W. Buckeye Road, the facility was built in 2007 and has grown considerably since its original 604,678-square-foot frame.<\/p>\n

Amazon\u2019s enterprise value (currently at an all-time stock value high), made it the right time for The Koll Co., to monetize the asset.<\/p>\n

\u201cMost real estate investors would not acquire a single-tenant, 1 million-square-foot building with four years of lease term, but The Koll Co. has the ability to work and think outside of the traditional box to drive value,\u201d <\/em>Lanni said. \u201cThe property received strong interest from a number of international buyers who were interested in acquiring a long-term, Amazon-leased, building.<\/em> The asset will provide a long-term, stable, cash flow to the new buyer, backed by a credit tenant.\u201d<\/em><\/p>\n

Buckeye Logistics Center is close by Interstates 10 and 17, the 101 Freeway and Sky Harbor International Airport. <\/p>\n

According to Lanni, the company excels at seeking and identifying opportunities to create value and reposition real estate assets.<\/p>\n

\u201cPhoenix is a strong market that we know well, and have a good track record,\u201d <\/em>he said. \u201cThe Phoenix market is one of the strongest industrial distribution markets in the country, in large part due to the labor pool and transportation access. Amazon has three of the facilities in the Phoenix market, demonstrating their commitment to the area and desire to strategically locate in a western US market with excellent transport access.\u201d<\/em><\/p>\n

In July, the Koll Co. acquired a 65,000-square-foot office building<\/a> in Corona, Calif., from UBS Realty.<\/p>\n

Image courtesy of The Koll Co. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Koll Co. and Seera Investment Bank B.S.C. sold the 1 million-square-foot distribution center in Phoenix, two years after acquiring the property for $74.8 million.<\/p>\n","protected":false},"author":451,"featured_media":1004268590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,1601,15],"tags":[37482,36548,32796,37313],"class_list":["post-1004268575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-amazon","tag-bo-mills","tag-jll","tag-the-koll-company"],"acf":[],"yoast_head":"\nAmazon-Leased Distribution Center Commands $98M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/amazon-leased-distribution-center-commands-98m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon-Leased Distribution Center Commands $98M\" \/>\n<meta property=\"og:description\" content=\"The Koll Co. and Seera Investment Bank B.S.C. sold the 1 million-square-foot distribution center in Phoenix, two years after acquiring the property for $74.8 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/amazon-leased-distribution-center-commands-98m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-01T12:03:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:42:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/6835-W-Buckeye-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Amazon-Leased Distribution Center Commands $98M\",\"datePublished\":\"2018-10-01T12:03:09+00:00\",\"dateModified\":\"2022-12-08T23:42:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/\"},\"wordCount\":429,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/10\\\/6835-W-Buckeye-Road.jpg\",\"keywords\":[\"Amazon\",\"Bo Mills\",\"JLL\",\"The Koll Company\"],\"articleSection\":[\"Deals\",\"Featured\",\"Industrial\",\"Investment\",\"News\",\"Phoenix\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/amazon-leased-distribution-center-commands-98m\\\/\",\"name\":\"Amazon-Leased Distribution Center Commands $98M - 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