Cushman & Wakefield announced today the sale of Phase 1 of 10 West Logistics Center, 6200 W. Van Buren St. The buyer is an entity owned by New York Life Insurance Company. The sellers are Phoenix-based Wentworth Property Company (“WPC”) and Crow Holdings Capital of Dallas, joint venture partners in the development.
Cushman & Wakefield Executive Managing Director Andy Markham, Senior Vice President Will Strong, Executive Managing Director Mike Haenel, and Associate Phil Haenel successfully negotiated the sale.
“Phase 1 at 10 West Logistics Center offered an opportunity for New York Life to own the best institutional-quality modern bulk warehouse project ever built in Phoenix,” according to Strong. “Features like 36’ clear, all concrete truck courts at 200’, and being seconds from the I-10 with extra trailer and car parking create a scenario that is extremely hard to replicate.”
Located on the northwest corner of 59th Avenue and Van Buren Street in Phoenix, Phase 1 at 10 West Logistics Center is a 42-acre, 659,618-square-foot, Class A distribution facility centered in the heart of Southwest Phoenix. The high image facility also offers ESFR sprinklers, energy efficient motion sensor lighting, excellent dock-high loading, and an abundance of trailer or car parking. With immediate access to the I-10, Loop 101, I-17 and US-60 Freeways this Class A distribution center has been built to meet high-level corporate tenant standards.
“We are pleased to have purchased what we believe is one of the highest quality and best located warehouse properties in the Southwest Valley” according to Chris Hunt, senior director with New York Life Real Estate Investors.
The building is part of 10 West Logistics Center, a two parcel, 80-acre master planned bulk distribution business park. It is located in a City of Phoenix approved Foreign Trade Zone (FTZ). At build-out the park will consist of over 1.3 million square feet of warehouse/distribution space. WPC and Crow Holdings will retain the Phase 2 parcel at the site, with plans to either do a build-to-suit building or they may build a 568,340-square-foot bulk distribution warehouse.
“We believe that Phase 1 at 10 West Logistics Center is the finest building ever built in the Southwest Valley,” according to WPC Principal, James Wentworth Jr. “The fact that New York Life wanted to purchase this building speaks to the caliber of the property.”
The building has multiple points of ingress and egress, including a dedicated signal. It is adjacent to the long-awaited Loop 202 Freeway reliever that will located to the east of 10 West Logistics Center and just south of I-10, a major east/west transportation route from the neighboring California Ports.
“Phoenix has an exceptional labor pool, low operating costs, increasing job growth, and this project is strategically located to benefit from the rapid absorption we are starting to see take place in the submarket.” said Markham.