June 5, 2017 Comments Off on UPS Takes All of First Industrial’s Phoenix Facility Views: 586 Arizona, National News, Southwest

UPS Takes All of First Industrial’s Phoenix Facility

Connect Industrial is heading to Chicago, June 28th. Here’s where to get more details and register.

UPS leased First Industrial Realty Trust’s entire, $180-million, 618,350-square-foot distribution center at First Park @ PV 303 in the Phoenix market. The Chicago-based REIT also leased an adjoining 65-acre land parcel that it recently purchased for $11.6 million to UPS.

First Industrial’s Johannson Yap said, “First Park @ PV 303 is at the epicenter of the emerging logistics corridor in Phoenix, due to its strategic location at the new Loop 303 and Interstate 10 exchange and Foreign Trade Zone status.”

Cushman & Wakefield’s Josh Wyss assisted UPS. Yap led First Industrial’s efforts in the transaction, along with CBRE’s Pat Feeney and Dan Calihan.

UPS has a one-time purchase option on the recently-constructed facility in Goodyear, AZ. In a separate transaction, First Industrial acquired a 97-acre development parcel at PV 303 for $14.8 million, and an option for an additional 75 acres.

Read more at PR Newswire

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