PHOENIX—Cassidy Turley announces the sale of Prologis Riverside Distribution Center, a 250,796-square-foot industrial project at 2225 South 43rd Ave. in the Southwest Phoenix submarket.
Pennsylvania-based Exeter Property Group purchased the property for $13.2 million from San Francisco-based Prologis. Cassidy Turley executive managing directors Andy Markham and Mike Haenel and vice president Will Strong negotiated the transaction on behalf of the buyer and seller.
“This transaction represents an opportunity for Exeter Property Group to strengthen its Phoenix presence with a quality industrial asset,” Markham said. “Exeter is poised to benefit from future rent growth, rising values and strengthening market fundamentals.”
Riverside Distribution Center has been institutionally maintained and managed by Prologis. The property is a highly functional industrial project that is ideal for a major distribution or logistics operations. The facility is strategically located with direct access to both Interstate 10 and Interstate 17 via full diamond interchanges, and a short drive to both U.S. Route 60 and Loop 101. The property was 44% occupied at the time of sale.
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