PHOENIX, AZ. – December 20, 2019 – A fund sponsored by CBRE Global Investors has acquired a 393,484-square-foot industrial cross-dock facility in Phoenix. Located at 3333 South 7th Street, the property is in the Airport submarket, which has a tight 8.3 percent availability rate as of Q3 2019. The acquisition is part of the fund’s broader strategy to acquire and lease up properties in key industrial markets across the U.S.
3333 South 7th Street was built in 2016 and is roughly 50 percent occupied by two tenants. 191,010 square feet of state-of-the-art industrial space remains available for lease.
“3333 South 7th Street is a very well-located property in terms of its accessibility and functionality. The location allows tenants to service both the west and east valleys and is near Phoenix Sky Harbor International Airport and several key thoroughfares in the region,” said Gardner Ellner, Senior Director of Commercial Acquisitions for CBRE Global Investors. “As the population in Phoenix continues to grow, the logistic capabilities are improving to keep up with consumer demand, which we anticipate will lead to industrial rent growth. With the area’s affordable labor, moderate operating costs and business-friendly tax structure, we expect to see strong tenant demand for high-end logistics space in the coming years.”
The property features 36-foot clear heights, 96 dock-high loading doors, four grade-level loading doors, ESFR sprinklers, wide column spacing, secured 135-foot and 185-foot truck courts, ample trailer parking and a TPO roofing system, which reflects sunlight and allows the commercial air conditioners to work more efficiently.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.