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There are big returns to be made in the Phoenix industrial market. The Koll Co. and Seera Investment Bank B.S.C have sold the Buckeye Logistics Center, 1 million-square-foot industrial facility in Phoenix, for $98.4 million after buying it in 2016 for $74.5 million. The property is leased to Amazon, which has converted the property to use for its growing soft goods business. The Phoenix industrial market has been growing rapidly, fueled by ecommerce activity, and has seen increased investor interest as a result.

“The Koll Company recently completed a new 10-plus year lease with Amazon and worked extensively with Amazon to convert the industrial building to more efficiently accommodate their new soft goods and clothing distribution business plan,” Scott Lanni, principal at the Koll Co., tells GlobeSt.com. “At that point, we had successfully created the ultimate value of the real estate asset making it the appropriate time to sell the property.”

The Koll Co. worked closely with Amazon to help the firm meet its growth needs, and as a result, was able to secure a longer lease term. The $98 million price tag sets a new price-per-square-foot record for the Phoenix market. “The sales price did meet our expectation and we set a new per square foot watermark for the Phoenix industrial market,” explains Lanni. “An absolute success for The Koll Company and its senior management team.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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