Deal Size
$175.0M
Cap Rate
Est. 5.10%
$/SF
$146
Size
1.2M SF
Occupancy
—
Prologis expanding its presence in the Sun Belt region through the acquisition of a large industrial asset in Phoenix.
Prologis is executing its core strategy of expanding its industrial footprint in high-growth Sun Belt markets like Phoenix.
Seller motivation not disclosed.
This transaction confirms Phoenix as a prime target for institutional industrial investment, reinforcing its status as a key logistics hub.
Phoenix is a major Sun Belt hub experiencing significant population and job growth, particularly in logistics and distribution sectors.
Competes with other large-scale industrial facilities in the Phoenix metro area, focusing on distribution and fulfillment centers.
Phoenix industrial market has seen substantial development, but demand driven by e-commerce and corporate relocations remains strong.
A 5.1% cap rate for a large industrial asset in Phoenix reflects strong investor demand for logistics properties in high-growth Sun Belt markets.
Rent growth in Phoenix industrial is expected to remain robust due to sustained demand and limited availability of prime, large-format space.
“Together, we're expanding that success in Europe—combining long-term capital with our operating platform to scale high-quality logistics assets across key markets.”
“Despite a 15% rise in capex due to supply chain issues, we achieved a 97.1% occupancy rate and an 8.2% increase in rental rates year-over-year.”
“This joint venture with GIC builds on that momentum by pairing our platform and development expertise with a partner that shares our long-term perspective.”
“This joint venture with GIC builds on that momentum by pairing our platform and development expertise with a partner that shares our long-term perspective.”
“Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business.”
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