Prologis Bets On Downtown Phoenix Industrial
Industrial real estate giant Prologis—which asserts that e-commerce needs a lot of industrial space—acquired three industrial buildings in Downtown Phoenix recently: 1630, 1710 and 1720 E Grant St, paying $14.5M. "Some investors continue to be very bullish on the Phoenix industrial market," Lee & Associates principal Stein Koss tells us, adding that large portfolios and/or deals with upside continue to be pursued.
The properties are on a ground lease with the City of Phoenix Aviation Department, and total about 334k SF on about 23 acres. They were developed in the late '90s and early 2000s. Stein, along with Lee & Associates principal Tom Louer, brokered the deal between Prologis and the seller, Ohio-based Miller-Valentine Group.