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Phoenix Industrial Market in Early Stages of Recovery

GOODYEAR, AZ—As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market's high-quality industrial assets such as Goodyear Crossing II, a fully leased center.

By Lisa Brown | lisabrown | | Updated on August 24, 2016
Industrial sale Goodyear Crossing II was recently purchased by Hines.
GOODYEAR, AZ—As investment grade tenants continue to see the value of locating in Phoenix, investors are seeking out the market’s high-quality industrial assets. One such asset is Goodyear Crossing II , an 820,384-square-foot fully leased class-A fulfillment center recently purchased by Hines for $56.2 million. The seller was RT Goodyear LLC , a party to Gramercy Property Trust , a Maryland real estate investment trust, and the buyer was Hines Global REIT II Properties LP (HGREIT II Goodyear Crossing LLC) of Houston. JLL ‘s capital markets experts facilitated the sale on behalf of Gramercy Property Trust. Managing directors Bo Mills and Mark Detmer led the JLL team on the transaction. “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 was built in 2008. It 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. Its proximity to Interstate 10 and Loop 101 promotes accessibility to major markets in the Southwest, California and Phoenix metropolitan area, respectively. It is fully leased and occupied by Amazon.com Inc . Detmer tells GlobeSt.com: “Goodyear is a perfectly suited investment for this submarket, where major distribution tenants are able to take full advantage of the area’s superior labor market, cost benefits and proximity to West Coast ports.” JLL Capital Markets completed $140 billion in investment sale, debt and equity transactions. The team comprises more than 2,000 global specialists.  

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