DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has directed the acquisition by Prologis of a 7.95-acre land parcel located in Phoenix, Arizona.
DAUM assisted industrial developer and REIT Prologis in acquiring the rare infill parcel off-market from Wadsworth Development for $8.65 million to develop two industrial buildings totaling 126,000 square feet, according to Bob Lundstedt, First Vice President at DAUM Commercial. Lundstedt, along with Skip Corley, Jr., Executive Vice President at DAUM, Chase Heinemann, Associate Vice President at DAUM, and Parker Houston, Associate Vice President at DAUM directed the transaction.
“Drawing on our deep expertise and long-standing relationships in a very tight land market, we were able to deliver one of the last infill sites in Phoenix’s Deer Valley submarket for our client,” says Lundstedt. “As one of the largest industrial REITs and developers in the country, Prologis was aggressively looking to develop in Deer Valley and actively pursued this site. Our team leveraged our nuanced knowledge and nurtured partnerships in the area to help the buyer acquire the parcel off-market in a transaction that was advantageous to all parties.”