Westcore, a leading industrial real estate acquisition, development and asset management firm, has acquired Central Logistics, a four-building, 24.9-acre industrial campus in the Central Phoenix market of Arizona. Westcore purchased the 1,085,848-square-foot property from Phoenix-based ViaWest Group for $93.5 million.
Recent renovations and building additions by ViaWest Group at Central Logistics positioned the property for enduring success and motivated Westcore’s purchase.
Last year, ViaWest Group thoroughly refurbished Central Logistics’ Building D North, a 76,189-square-foot cold storage facility with 13 dock-high doors and one grade-level door, currently leased to Bay Logistics.
ViaWest Group also constructed two new buildings at the property, Building D South and Building E. The entire 72,349-square-foot area of Building D South is leased to Waymo. The building features 10 dock-high doors, one grade-level door and ESFR sprinklers.
Building E, in addition to offering 94,612-square-feet of space, features a four-acre, fully secured concrete yard, as well as two grade-level doors, 12 dock-high doors and ESFR sprinklers. The building and its large yard—a rare find in this land-constrained Central Phoenix industrial location—are leased to Ferguson.
The fourth building, the 165,518-square-foot Building B, is vacant. Westcore’s planned renovations include extensive exterior site work, painting, office demo and reconfiguration, dock door and loading improvements, a new roof coat and other interior cosmetic upgrades to make Building B market lease ready.
All four concrete tilt-up buildings have a clear height of 32 feet.
“We look forward to continuing the good work ViaWest Group has done at Central Logistics to make it a premium industrial property, and we thank them for their assistance in the transaction,” said Westcore Managing Director Hack Adams. “We owe thanks also to talented brokers Will Strong and Greer Oliver from Cushman &Wakefield’s Capital Markets team, and we look forward to working with a new listing team at CBRE to market Building B.”
John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.