Amazon’s 1.26 million-square-foot industrial facility in southwest Phoenix was sold for $90 million.
Kristena Hansen
Reporter- Phoenix Business Journal
Industrial Income Trust Inc., a Denver real estate trust, has paid $90.28 million in cash last week to acquire an enormous Amazon.com distribution center in southwest Phoenix.
IIT invests in warehouses and distribution facilities. The Aug. 7 transaction was reported by Cushman Wakefield of Arizona Inc., which brokered the deal.
It’s the biggest investment sale and largest-ever spec building by square footage to sell in the greater Phoenix area, said Bo Mills, executive director of Cushman Wakefield.
The 1.26 million-square-foot industrial facility was purchased by IIT through its newly-formed Delaware corporation, IIT Agave DC LLC, according to records from the Arizona Corporation Commission.
The massive warehouse, located near 75th Avenue and Van Buren Street, was sold by Buzz Oates Enterprises Arizona in Phoenix — via its Falcon 7X Inc. entity — and is fully leased to online retailer Amazon for 10 years.
The sale has boosted IIT’s Phoenix-area industrial holdings to more than 3 million square feet, Mills said.
In May, IIT acquired six single-story buildings totaling 207,953 square feet of space in the Dallas-Fort Worth area for $23.1 million.
Between its first acquisition in June 2010 and last Nov. 30, the company says it acquired $1.2 billion in properties.
Kristena Hansen covers residential and commercial real estate.
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Article source: http://www.bizjournals.com/denver/news/2012/08/14/industrial-income-trust-bus-phoenix.html
