Business Real Estate Weekly by Rose Law Group
Phoenix – It took more than a year to add to its industrial real estate holdings in the Phoenix market, but Exeter Property Group in Plymouth Meeting, P.A. (Ward Fitzgerald, Tim Weber, principals) has now invested $30.7 million in acquiring 500,000 + sq. ft. of distribution space in the Valley. In a sale completed this week, Exeter 2225 South 43rd LLC paid $13.2 million ($52.63 per foot) to acquire a 250,796-square-foot distribution-warehouse facility located at 2225 S. 43rd Avenue in Phoenix. The seller was a limited partnership formed by Prologis Inc. in Denver, Colo. (NYSE:PLD). The cash sale was brokered by Andy Markham, Mike Haenel and Will Strong of Cassidy Turley in Phoenix. The project, called Riverside Distribution Center, is 44 percent occupied. The Cassidy Turley agents have been leasing the multi-tenant property, which has 160,020 sq. ft. available. The privately-held Exeter is expected to lease the remaining space to one of its corporate tenants. Continue reading
