Global warehouse developer Prologis acquired Airpark Logistics Center, a newly built industrial park in the western Phoenix suburb of Goodyear, Arizona, for $184 million. Brokers said it was among the past year's biggest deals for a multi-tenant industrial property and among the largest in the state's history.
For the high profile of its new owner and its potential to bring more companies involved in overseas trade to the western Phoenix area, the deal for the 170-acre campus was selected by a panel of local judges to receive a CoStar Impact Award for sale/acquisition of the year in Phoenix.
About the Project: Prologis acquired the property from developers Creation Equity and CrossHarbor Capital Partners after its first phase was completed in September with three buildings spanning a total of more than 1.4 million square feet of leasable space. A planned second phase includes more buildings within an 84-acre portion of the property, and subsequent phases are expected to bring the campus to a total of more than 2.7 million square feet.
The campus is located within a designated foreign trade zone targeted for projects that boost employment and help create more efficient supply chains.
What the Judges Said: Stephen Leach, senior vice president of Realty Economic Advisors, cited "the size and significance of the transaction," as judges noted the large property is located near the regional Phoenix Goodyear Airport and could help stimulate the area's industrial economy. Ryan Sarbinoff, first vice president and regional manager with Marcus & Millichap, described the transaction as the "largest multi-building industrial acquisition in a significant sub-market which helps facilitate foreign trade."
They Made It Happen: The sellers were represented by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield. The buyer was self-represented.