PHOENIX—After approximately two years without a Phoenix propertyin its portfolio, Westcore Properties wasattracted back to the market due to its growing economy, decliningvacancy rates and rising rents, particularly in the multi-tenantindustrial sector. After this short hiatus, it recently addeda 170,625-square-foot industrial property located at 125 North 67thAve. to its portfolio. Westcore purchased the property, originallybuilt in 2001, from an independent Canadian investor for $10.2million.
Hack Adams, senior vice president at WestcoreProperties, tells GlobeSt.com: "We are very focused on expandingour industrial asset base with quality investments like 67thAvenue, and we feel Phoenix's diverse economic base, as well as theresurgence of the multi-tenant industrial market provided us anexciting opportunity to lay the foundation for building a cohesivePhoenix industrial portfolio."
Goodman Distribution currently occupiesapproximately 50,000 square feet of the 67th Avenue property andOmni Workspace occupies approximately 48,000square feet. Westcore will begin work in late January on thebuilding's exterior and the 70,000 square feet of space comingavailable in the first quarter of 2016.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
