Houston-based Hines has acquired the Southwest Industrial Center, an industrial park in the Southwest Valley submarket, from Hillwood Property Trust for an unspecified price. The property consists of a 684k SF logistics warehouse and an adjacent parcel capable of accommodating a second, 567k SF building.

The existing building is 35% leased to AmerisourceBergen, a market leader in pharmaceutical distribution. The acquisition marks Hines’ second logistics investment in Phoenix and brings the company's logistics platform to over 5.1M SF in the Southwest.

Hines managing director Charlie Meyer said the company can position the Southwest Industrial Center immediately to meet the growing tenant demand in the Southwest Valley. "We're aggressively targeting tenants of up to 455k SF in the existing building and can accommodate build-to-suits on our development parcel." Hines has assigned leasing to JLL's Tony Lydon and Marc Herzberg.