{"id":1004725335,"date":"2024-08-14T02:40:48","date_gmt":"2024-08-14T10:40:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004725335"},"modified":"2024-08-14T03:37:57","modified_gmt":"2024-08-14T11:37:57","slug":"mdh-partners-buys-phoenix-asset-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mdh-partners-buys-phoenix-asset-for-51m\/","title":{"rendered":"MDH Partners Buys Phoenix Asset for $51M"},"content":{"rendered":"\n

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\"Property<\/a>
Part of KV Buckeye 10 is leased to the city. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

MDH Partners has acquired KV Buckeye 10, a 249,000-square-foot Class A industrial property in Buckeye, Ariz., for $51 million. Kentwood Ventures sold the asset, with JLL brokering the transaction on its behalf.<\/p>\n\n\n\n

The campus, which came online last year, consists of two buildings spanning 115,200 and 134,300 square feet. Features include a 170-foot truck court, 535 parking spaces, expandable loading doors\u2014of which there are 34 including both grade-level and truck wells\u2014and 28-foot clear heights, as well as 56-foot bay spacing.<\/p>\n\n\n\n

Tenants include the City of Buckeye, which relocated some City Hall functions to the property, Hajoca Corp., Safelite and AVI-SPL. The park was 60 percent leased at the time of sale, according to JLL.<\/p>\n\n\n\n

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READ ALSO<\/strong>: It\u2019s Time for Investors to Get Off the Sidelines<\/a><\/p>\n\n\n\n

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Located at 945 N. 215th Ave., the property is less than 1 mile from Interstate 10, while the Phoenix-Goodyear and Buckeye Municipal airports both operate some 12 miles away. Downtown Buckeye\u2014the fastest-growing city in the U.S. between 2017 and 2022, with population up 54.3 percent according to SmartAsset<\/em>\u2014is within 10 miles, while central Phoenix is 26 miles away.<\/p>\n\n\n\n

JLL Investment Sales and Advisory Senior Director Greer Oliver and Associate Connor Nebeker-Hay led the team that spearheaded the transaction on behalf of Kentwood Ventures.<\/p>\n\n\n\n

Trading industrial assets in Buckeye<\/h2>\n\n\n\n

In 2021, Buckeye City Council approved the single-family to business park district rezoning request filed by Kentwood for the park. Construction began one year later, with estimates at the time placing development costs in the $30 million ballpark.<\/p>\n\n\n\n

That same year, BET Investments broke ground<\/a> on the multi-phase Buckeye I-10 Logistics, a 2.2 million-square-foot industrial development located just under 1 mile from KV Buckeye 10. Phase one\u2014a 641,906-square-foot facility\u2014debuted last year and EQT Exeter acquired it for $60.1 million<\/a> this April.<\/p>\n\n\n\n

Another Buckeye transaction, which at the time broke the municipality\u2019s record for industrial building sales, involved 10 West Commerce Park, an 860,602-square-foot distribution center. In 2022, Creation sold the asset for $130 million to a joint venture between Intercontinental Real Estate Corp. and an affiliate of Cohen Asset Management.<\/p>\n\n\n\n

Phoenix industrial vacancy inches upward, inventory expands<\/h2>\n\n\n\n

The Valley of the Sun saw more than $1 billion in industrial sales<\/a> year-to-date through June, with the average price per square foot clocking in at $165, above the $139 national average for the period, a recent CommercialEdge report shows.<\/p>\n\n\n\n

As developers delivered 17.9 million square feet<\/a> during the first half of 2024, metro Phoenix\u2019s industrial vacancy rate stood at 5.2 percent in June, showing a 150-basis-point increase year-to-date through June. The metro still has a substantial industrial pipeline, with more than 39 million square feet under construction, representing almost 10 percent of stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kentwood Ventures sold the recently completed industrial campus. <\/p>\n","protected":false},"author":3471,"featured_media":1004725336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,1601,15],"tags":[32796,51687],"class_list":["post-1004725335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-jll","tag-mdh-partners"],"acf":[],"yoast_head":"\nMDH Partners Buys Phoenix Asset for $51M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MDH Partners bought KV Buckeye 10, an industrial asset in Buckeye, Ariz., for $51 million from Kentwood Ventures. 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