REAL ESTATE

Creation sets record with $130M sale of Buckeye facility

Posted

PHOENIX — Creation, a real estate development and alternative investment firm headquartered in Phoenix, announced Wednesday the sale of 10 West Commerce Park in Buckeye — home to Funko’s U.S. distribution center — to Cohen Asset Management for a record $130 million, which is the highest gross industrial building sale ever achieved in the city.

Located on the northwest corner of N. Miller Road and Lower Buckeye Road, 10 West is a 860,602-square-foot industrial building with 30,000 square feet of office space set on a 72-acre site. 10 West was the first big-box industrial facility to be developed speculatively in Buckeye and the entire building was pre-leased to Funko during the 2021 construction process.

Will Strong of Cushman and Wakefield brokered the deal that closed last week.

“We are firm believers that the Buckeye industrial submarket will continue to mature and attract industry-leading organizations as it establishes its place amongst sought-after West Coast industrial development hubs,” said Brandon Delf, principal and co-chief investment officer with Cohen Asset Management.

“We couldn’t ask for a better tenant than Funko at this state-of-the-art, newly completed facility.”

Creation is now looking to double down on its industrial holdings in Buckeye with plans to develop a 4.2-million-square-foot industrial park, Ten85, on a 270-acre parcel located on the southeast corner of Southern Avenue and State Route 85. This logistics park will include four buildings ranging in size from 650,000 to 1.2 million square feet and will cater to a variety of uses.

Anticipated to close June 30, Creation is in the process of acquiring the site with the help of Brent Moser of Lee & Associates.

“The fact that leading companies like KORE Power, Five Below, Funko and Ross Stores Inc. are all establishing their operations in Buckeye is a huge testament not only to the city’s premier gateway location between Arizona, California and the western U.S., but also the immediate availability of labor, land and access to the supply chain,” said Grant Kingdon, vice president of transactions at Creation.

Comments

No comments on this item Please log in to comment by clicking here