Phoenix Industrial Market in Early Stages of Recovery

Goodyear Crossing II was recently purchased by Hines.

GOODYEAR, AZ—As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market’s high-quality industrial assets. One such asset is Goodyear Crossing II, an 820,384-square-foot fully leased class-A fulfillment center recently purchased by Hines for $56.2 million.

The seller was RT Goodyear LLC, a party to Gramercy Property Trust, a Maryland real estate investment trust, and the buyer was Hines Global REIT II Properties LP (HGREIT II Goodyear Crossing LLC) of Houston. JLL’s capital markets experts facilitated the sale on behalf of Gramercy Property Trust. Managing directors Bo Mills and Mark Detmer led the JLL team on the transaction.