Creation and Prologis Strike Massive $184M Industrial Deal
This is considered the largest multi-building industrial business park acquisition in Arizona history, according to a release put out by those involved in the deal.
PHOENIX—Today, real estate development firm, Creation, struck a deal with Prologis Inc., for the $184 million sale of Airpark Logistics Center in Goodyear. According to a press release put out by both parties, this deal marks the largest multi-building industrial business park acquisition in Arizona history.
Located directly adjacent to Phoenix Goodyear Airport, this 170-acre campus stands as one of the best-situated developments in what has quickly become the most active industrial submarkets in the Phoenix Metro area, the release notes, and Prologis is rapidly expanding its presence there—The company broke ground earlier this year on a nearby 112-acre industrial facility (Prologis 303 Business Park), and they previously developed the Prologis Commerce Park a few miles away.
The first phase, comprised of three buildings with 1,441,140 square feet of leasable space, was completed last month both designed and built by LGE Design Build. The second phase includes 84 acres of undeveloped, build-to-suit land. At full build-out, the development represents more than 2.7 million square feet.
“The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” said Grant Kingdon, principal of Creation’s Mountain Region, in a prepared release. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics where deals of this scale are rare.”
Creation remains very active throughout the Phoenix Metro area with several new developments underway, including the development of Ten85 in Buckeye, Nexus Commerce Center in Tempe, Midway Commerce Center in Chandler, Park Algodon in Phoenix and Thunderbird Business Park at Scottsdale Airpark. In total, these industrial developments cover over 6.5 million square feet with a value of over $1.5 billion.
Cushman & Wakefield represented the sellers, Creation and CrossHarbor Capital Partners, in the transaction led by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West. JLL is handling the leasing of the project.
“Creation has made a significant impact in the Phoenix industrial market and we were excited to advise them on this important sale,” said Executive Vice Chair Will Strong, in the press release. “Airpark Logistics Center perfectly aligns with the evolving needs of businesses and supports the growing demand for industrial and cross-dock space in the Southwest Valley. This acquisition demonstrates Prologis’ ability to capitalize on long-term investment potential.”