GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation.
Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor.
The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span 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,” says Grant Kingdon, principal of Creation’s Mountain region. “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.”
Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield represented the sellers. JLL is handling leasing of the project.
Creation currently has a pipeline of more than $4.4 billion of ground-up real estate developments across six states. With dual headquarters in Phoenix and Dallas, the firm is opening a third office in New York City later this year.
Prologis, a publicly traded real estate investment trust specializing in the industrial sector, owns properties and development projects totaling roughly 1.2 billion square feet in 19 countries as of June 30. The company’s stock price opened at $112.02 per share Thursday, Oct. 12, up from $100.43 per share one year ago.
— Kristin Harlow