Gramercy Property Trust has recently sold its Amazon center in Goodyear located in the West Valley.
The property, a class A industrial warehouse, is located in the Goodyear Crossing industrial park and is currently occupied and leased by Amazon.com Inc. Situated south of Interstate 10 in the West Valley, the warehouse contains 15,000 square feet of office space.
The purchaser, Hines Global Real Estate Investment Trust II, acquired the 820,400 square foot distribution property for $56.2 million.
“We were attracted to this opportunity to expand our exposure to the U.S. bulk distribution and logistics market by acquiring this recent-vintage, institutional-quality industrial project with an investment-grade tenant that has heavily invested in the space.” said Sherri Schugart, president and CEO of Hines Global REIT II. “Its location in the Southwest Valley is in the largest warehouse/distribution submarket in Phoenix that has become the center hub for the area’s growing e-commerce presence.”
JLL financial and professional services firm Managing Directors Bo Mills and Mark Detmer represented Gramercy Property Trust in the sale.
“The Phoenix industrial market is in the early stages of recovery, making assets in this market a very sound investment,” Bo Mills stated. “Goodyear Crossing II is a high-quality asset with investment grade tenancy and is a tremendous addition to Hines’s portfolio.”
The seller, Gramercy Property Trust, is an asset manager of commercial real estate. They specialize in acquiring and managing industrial and office properties. Organized as a Real Estate Investment Trust, Gramercy Property Trust focuses on purchasing and leasing quality properties to tenants in markets in the United States and Europe.
Regarding the purchase of the property, Hines Senior Managing Director Palmer Letzerich noted, “Goodyear Crossing II is an outstanding facility located in one of the fastest growing metros in the U.S. The combination of strong market fundamentals and high-quality tenancy made this an attractive investment for Hines Global REIT II.”