The largest multi-building industrial business park acquisition in Arizona history took place in Goodyear.
Airpark Logistics Center, located on the southeast corner of Yuma Road and Bullard Avenue directly adjacent to Phoenix Goodyear Airport, sold for $184 million.
Real estate development firm Creation struck the deal on the 170-acre campus with Prologis, Inc., a leader in logistics real estate.
The first phase, comprised of three buildings with 1.4 million square feet of leasable space, was completed last month both designed and built by LGE Design Build. The second phase includes 84 acres of undeveloped, build-to-suit land.
At full build-out, the development represents more than 2.7 million square feet.
“The recognition of Airpark Logistics Center's potential by a logistics real estate leader like Prologis is a testament to the quality of the asset," Grant Kingdon, Creation's Mountain Region principal, shared in a press release. "The center's strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics where deals of this scale are rare."
Only a few miles away, Prologis broke ground earlier this year on Prologis 303 Business Park, a new 112-acre industrial facility on the southwest corner of Cotton Lane and Camelback Road. The company also developed the nearby Prologis Commerce Park at Goodyear.
Creation also has several new developments underway, including the development of Ten85 in Buckeye, Nexus Commerce Center in Tempe, Midway Commerce Center in Chandler, Park Algodon in Phoenix and Thunderbird Business Park at Scottsdale Airpark.
In total, these industrial developments cover more than 6.5 million square feet with a value of over $1.5 billion.
Cushman & Wakefield represented the sellers, Creation and CrossHarbor Capital Partners, in the transaction led by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group–Mountain West.
JLL is handling the project’s leasing.