As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market’s high-quality industrial assets. On behalf of Gramercy Property Trust, JLL’s Capital Markets experts today announced the firm facilitated the sale of Goodyear Crossing II, an 820,384-square-foot, Class A fulfilment center in Goodyear, Arizona. Hines purchased the fully leased asset for $56.2 million.
Managing Directors Bo Mills and Mark Detmer led the JLL team on the sale.
“The Phoenix industrial market is in the early stages of recovery, making assets in this market a very sound investment,” said Mills. “Goodyear Crossing II is a high-quality asset with investment grade tenancy and is a tremendous addition to Hines’s portfolio.”
Goodyear Crossing II features a 30-foot clear height, 268 spaces for trailer parking, 178 dock-high doors and is fully air conditioned. The building also features 15,000 square feet of office space and is easily demisable to accommodate multiple tenants. Goodyear Crossing II’s proximity to the I-10 Freeway and Loop 101 offer access to major markets in the Southwest, California and Phoenix metropolitan area, respectively.