{"id":1004738139,"date":"2024-11-21T05:56:25","date_gmt":"2024-11-21T13:56:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738139"},"modified":"2024-11-21T08:25:02","modified_gmt":"2024-11-21T16:25:02","slug":"indus-enters-phoenix-with-72m-buy-near-airport","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/indus-enters-phoenix-with-72m-buy-near-airport\/","title":{"rendered":"Indus Enters Phoenix With $72M Buy"},"content":{"rendered":"
\n
\"Aerial<\/a>
Amazon is one of the tenants at CBRE Investment Management’s former building near Phoenix Sky Harbor Airport. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n

Indus Realty Trust has acquired Phoenix Airport Logistics, a 393,484-square-feet warehouse\/distribution center in Phoenix’s airport submarket. CBRE Investment Management sold the asset for $72.4 million, according to public records. The building was fully leased to five tenants at the time of the sale, including Amazon. Cushman & Wakefield advised the seller.<\/p>\n\n\n\n

Ahead of the recent sale, the property carried a $27.2 million loan originated in 2020 by Pacific Coast Capital Partners. The property last traded in 2019, when Principal Real Estate Investors sold it for $38.8 million.<\/p>\n\n\n\n

The cross-dock distribution center located at 3333 S. Seventh St. came online in 2016 It includes a 36-foot clear height, 96 dock-high doors and 62 trailer parking spaces. It is located near both downtown Phoenix and Sky Harbor Airport.<\/p>\n\n\n\n

Indus Realty Trust, which specializes in logistics properties, owns or has majority ownership in 55 properties and projects under development, totaling 9.3 million square feet. Indus itself is largely owned<\/a> by affiliates of Centerbridge Partners, a private investment firm, and GIC, a global institutional investor. Also, a subsidiary of the Abu Dhabi Investment Authority owns an interest in Indus.<\/p>\n\n\n\n

Earlier this year, Indus acquired a recently completed 550,243-square-foot industrial facility in Jacksonville, Fla.<\/a>, that is fully leased to European retailer Primark. VanTrust Real Estate was the seller.<\/p>\n\n\n\n

As for the Phoenix deal, Cushman & Wakefield Executive Vice Chair Will Strong, Director Michael Matchett and Senior Associate Molly Hunt brokered the deal as exclusive brokers.<\/p>\n\n\n\n

Supply wall hits Phoenix industrial<\/h2>\n\n\n\n

The Phoenix industrial vacancy came in at 12.7 percent in the third quarter of 2024, the sixth consecutive quarterly rise, according to Cushman & Wakefield. The reason is straightforward: a rush of supply into the market<\/a> immediately after 2020 that hasn’t been matched by demand, even though demand is still higher than it was in 2019.<\/p>\n\n\n\n

Net absorption marketwide in the third quarter came in at 6.1 million square feet, a quarter-over-quarter drop from 8.1 million square feet. A lot of recent absorption has been build-to-suit completions, such as for TSMC’s 4.3 million-square-foot facility<\/a>, the C&W report noted. The pace of construction, however, is now tapering off.<\/p>\n\n\n\n

The Phoenix Airport submarket had a vacancy rate of only 6.5 percent in the third quarter, much lower than the metro figure, the same source shows. But even the Airport submarket is seeing a supply\/demand imbalance: Year-to-date net absorption in the area is about 228,200 square feet, while construction completions in the third quarter alone totaled more than 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon is one of the building’s tenants.<\/p>\n","protected":false},"author":1023,"featured_media":1004738209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,1601,51973],"tags":[37482,51764,51965,32799,33650],"class_list":["post-1004738139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-phoenix","category-southwest","tag-amazon","tag-cbre-investment-management","tag-centerbridge-partners","tag-cushman-wakefield","tag-gic"],"acf":[],"yoast_head":"\nIndus Enters Phoenix With $72M Buy - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Indus Realty Trust bought Phoenix Airport Logistics, a warehouse\/distribution center in Phoenix. 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