by Betty Beard – Aug. 12, 2011 12:00 AM
The Arizona Republic
The Arizona Republic
Prologis Inc., which claims to be the world’s
largest owner, operator and developer of
industrial properties, has purchased a
250,800-square-foot industrial building in
southwest Phoenix for $9.13 million.
largest owner, operator and developer of
industrial properties, has purchased a
250,800-square-foot industrial building in
southwest Phoenix for $9.13 million.
San Francisco-based Prologis bought the
building at 2225 S. 43rd Ave. from the
Mililani Group Inc., an investor from Hawaii
who had owned it for about a decade, said
Brad Ahrens, a broker with Commercial
Properties Inc., who represented the buyer.
building at 2225 S. 43rd Ave. from the
Mililani Group Inc., an investor from Hawaii
who had owned it for about a decade, said
Brad Ahrens, a broker with Commercial
Properties Inc., who represented the buyer.
He said the sale is the latest in a string of
industrial sales in the southwest Phoenix
area. He cited four in the past two months
that involved properties ranging from
250,000 to 400,000 square feet.
industrial sales in the southwest Phoenix
area. He cited four in the past two months
that involved properties ranging from
250,000 to 400,000 square feet.
“In the southwest Valley, the industrial
market has been coming back pretty strong in
the last six to eight months,” he said.
Much of it is because of investors, and it’s the
most activity seen since 2006, he said.
Much of it is because of investors, and it’s the
most activity seen since 2006, he said.
The publicly traded Prologis owns or has
investments in about 600 million square feet
of industrial property in 22 countries, the
company said.
Congratulations Brad! Great job on this transaction.