The prospect of continued rent growth is going to continue to attract investors from other parts of the country to the Southwest Phoenix industrial market, says Cushman & Wakefield's Will Strong.
Recently Will, along with colleagues Andy Markham, Mike Haenel and Phil Haenel, negotiated the sale of the 85k SF Reywest Commerce Center at 3949 W Van Buren in Phoenix to Exeter Property Group of Pennsylvania. "The southwest industrial submarket continues to see strong rental rate growth in the small to mid-bay segments,” Will tells us (he's snapped with Mike Beall).
The buyer was also interested in the property because it's fully leased to two credit tenants, LKQ Corp and Berlin Packaging. "Reywest Commerce Center offered the buyer stable in-place tenants and the opportunity to create value as rents continue to increase,” Will says. The property is zoned for heavy industrial, and includes a variety of recent upgrades.
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