Hines, the international real estate firm, announced today that Hines Global REIT II, Inc. has acquired Goodyear Crossing II, a Class A industrial warehouse located in the Goodyear submarket of Phoenix.
The project consists of 820,384 square feet of net rentable area that is fully leased. The tenant, a major online retailer, has occupied the project since its completion in 2008, and utilizes it as a distribution facility. Included in the sale is an adjacent parcel, totaling approximately 11.8 acres that would allow an expansion of approximately 285,000 square feet, should the tenant wish to grow its operations there.
Sherri Schugart, president and CEO of Hines Global REIT II, said, “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. 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.”
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.”
The seller was Gramercy Property Trust, which was represented in the transaction by JLL. The acquisition of Goodyear Crossing II is Hines Global REIT II’s fifth investment, and its first within the Southwest region.