July 25, 2016
Koll Co., based in Newport Beach, CA, has paid out $74.7 million to acquire a 1-million-square-foot distribution center in Phoenix. Duke Realty sold the property at 6835 W. Buckeye Rd., which is 100% leased to Amazon.com. Bo Mills, Mark Detmer and Pat Harlan of Jones Lang LaSalle’s Phoenix office brokered the transaction.
Indianapolis-based Duke Realty acquired the building in Buckeye Logistics Park for $27.5 million in 2007. At the time, the property totaled 604,678 square feet. It later expanded by 404,673 square feet to accommodate Amazon’s growth. The investment is Koll’s first in the market since 2008. The company is targeting more value-add and core properties in well-located areas.
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