Phoenix and Orlando, Fla. – March 9, 2020– A fund sponsored by CBRE Global Investors has acquired two fully leased built-to-suit last-mile distribution facilities in Phoenix and Orlando. These acquisitions are part of a broader strategy of the fund to invest in target industrial markets.
The first property is located at 14000 West Grant Street in Goodyear, Arizona, just west of downtown Phoenix, and the second is located at 1224 South Orange Blossom Trail in Orlando. Both state-of-the-art buildings, which were completed in 2019, each span 115,280 square feet and feature 32-foot clear heights, private office space, 135-foot truck courts, 52-foot by 55-foot column spacing, LED lighting, an air-conditioned warehouse and ESFR sprinklers.
Both properties also are situated in high-demand last-mile locations with crucial access to main transportation nodes, consumers, and labor.
“Demand for state-of-the-art last-mile logistics space is something that we expect will continue to increase as consumers’ expectations for shorter delivery times, including same-day delivery, influence the way e-commerce companies operate,” said Gardner Ellner, Senior Director of Commercial Acquisitions for CBRE Global Investors.
Kim Hourihan, Portfolio Manager for CBRE Global Investors, added, “Both Phoenix and Orlando are high-growth markets when it comes to the average industrial rental rate. We believe that the population growth in these markets also bodes well for the industry, influencing demand for last-mile logistics space.”
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 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 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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 assets-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.