April 20, 2020
A Class A, single-tenant industrial facility situated within the Freeport Center in southwest Phoenix traded hands for $17.3 million. The buyer was reportedly NY-based KKR, and the seller was Scottsdale-based Globe Corporation.
The 183,095-square-foot industrial facility is located on 10 acres at 441 S. 53rd Ave., on Phoenix’s key west side logistics corridor. The property was built in the 1980s and subsequently upgraded. The tenant, PCA, a Fortune 500 company that manufactures boxes critically needed for the food industry, has renewed multiple times since its initial occupancy.
Cushman & Wakefield’s National Industrial Advisory Group’s Will Strong, who notes the deal closed at a record cap rate pricing, brokered the deal.
Strong says, “This was a compelling investment offering to acquire a Class A, fully-leased industrial project institutionally owned, maintained and managed by a high-quality owner and occupied by a multi-national corporation with mission critical uses. There is also significant tenant investment and infrastructure at this location.”
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