Cushman & Wakefield has arranged the sale of a newly delivered 641,906 sq. ft Class A industrial/logistics building on approximately 40 acres in Buckeye, Arizona.
Completed recently and located strategically at 440 North 215th Avenue with frontage along Buckeye’s I-10 freeway, just west of Verrado Way, the state-of-the-art building was fully vacant at the time of sale.
Philadelphia based EQT Exeter, one of the largest real estate investment managers in the world, acquired the asset from the developer, BET Investments for US $60.1 million.
The standalone building represented Phase I of a larger 145-acre project, titled Buckeye I-10 Logistics, that BET Investments owns and continues to develop.
EQT Exeter will be fully rebranding its new 641,906-square-foot building under a new moniker, I-10 Gateway.
“EQT Exeter is excited by the opportunity to acquire this newly built “blank canvas” facility featuring the highest quality modern specifications and features, thanks to BET’s foresight and thoughtful design.
Colleagues Andy Markham and Mike Haenel were also retained by EQT Exeter to serve as the project’s leasing team.
“This is rare investment opportunity of an exceptional large-scale, value-add logistics building thoughtfully developed by BET Investments with a 'main and main' location in Phoenix’s highly sought-after Southwest Valley.
Our first step will be unveiling a new branding campaign with the building’s new name, I-10 Gateway
EQT Exeter seized a great opportunity to look to capitalize on the continued solid demand for premier industrial space in the market and at attractive rental rates for product of this stature.
This sale was a prime example of a win-win situation for both parties,” Strong says.
“The newly named I-10 Gateway Class A logistics building provides occupiers with one of the best locations in the Phoenix Southwest Valley submarket,” adds Markham. “Buckeye offers outstanding proximity to the Southern California Ports and therefore has become a preferred location for major industrial occupiers in need of strategic logistics and warehouse facilities in the Southwest U.S.
The location allows tenant(s) in the building to reach major markets including Southern California, Nevada, New Mexico, Denver, Utah, and more, all within a day’s drive.”
According to Cushman & Wakefield research, notwithstanding some recent adjusting in the industrial sector, the Phoenix Metro industrial market has reported a stunning 48 consecutive quarters (12 years) of positive net absorption starting in Q2-2012 through Q1-2024 amounting to nearly 130 million square feet of occupancy growth.
