PHOENIX-Principal Real Estate Investors sold the 684,000-square-foot Buckeye Logistics Center in the southwest submarket. Buyer IIT Acquisitions LLC paid $44.3 million for the two-building, 100%-leased asset.

Built in 2008, Buckeye Logistics Center is at 6825 and 6913 W. Buckeye Road. The 6825 building totals 380,569 square feet on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The 6913 building totals 303,495 square feet on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32' clear, trailer storage and cross dock loading.

Jones Lang LaSalle managing directors Mark Detmer and Bo Mills, who recently joined Jones Lang LaSalle, brokered the transaction between buyer and seller. “This is hands down one of the best institutional-quality projects sold in Phoenix this year,” Detmer says. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location. These features—along with the submarket's rapid absorption rate and the property's tremendous upside potential through rent growth—create a scenario that's extremely hard to replicate.”