Westcore Properties has acquired a new, 379,828-square-foot industrial building on 22 acres in southwest Phoenix, Arizona. Westcore acquired the building, located at 8001 West Buckeye Road, from a joint venture between Phoenix-based Wentworth Property Company and a private real estate fund managed by Dallas-based Crow Holdings Capital for an undisclosed sum.
The cross-dock, Class A building is well-appointed with ESFR sprinklers, 60-foot speed bays, 36-foot clear height and ample dock-high loading. The site also features all-concrete truck yards, trailer parking, multiple ingress and egress points and proximity to Phoenix’s main east-west transportation node, Interstate 10, as well as the soon-to-be-completed Loop 202.
“We’re grateful for our solid broker relationships, and particularly to Will Strong at Cushman & Wakefield, for bringing this speculative development to our attention and helping us secure the property,” said Hack Adams, senior vice president at Westcore. “We don’t traditionally start acquiring a building while it’s under construction, but we were comfortable with this opportunity because of the quality companies behind the development, as well as the continued strength of the Phoenix industrial market.”
Westcore will immediately build out approximately 3,800 square feet of office space within the building shell, paint the interior warehouse walls and install various warehouse improvements to allow for immediate occupancy. The building is ideal for a single user but can also accommodate up to three tenants.
“We are already negotiating with several companies for all or part of this building,” said Lauren Suazo, director of leasing at Westcore. “Demand for new product is strong in Phoenix’s southwest industrial market.”
According to Cushman & Wakefield’s second quarter 2019 Phoenix Marketbeat report, “In the second quarter of 2019, the Metro Phoenix industrial market overall vacancy rate was 6.7%, down 30 basis points (bps) from the first quarter 2019 and down 70 bps from the end of 2018.”
Will Strong of Cushman & Wakefield represented the seller, while Westcore represented itself. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield will handle the leasing on behalf of Westcore.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $5 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In 2018, National Real Estate Investor ranked Westcore properties as one of the Top 50 owners of industrial real estate globally. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.