Today, one of the country’s fastest-growing real estate development firms, Creation, struck a deal with Prologis, Inc., the global leader in logistics real estate, for the $184 million sale of Airpark Logistics Center in Goodyear, marking the largest multi-building industrial business park acquisition in Arizona history.
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Located directly adjacent to Phoenix Goodyear Airport, this 170-acre campus stands as one of the best-situated developments in what has quickly become the most active industrial submarkets in the Phoenix Metro area. The first phase, comprised of three buildings with 1,441,140 square feet of leasable space, was completed last month both designed and built by LGE Design Build. The second phase includes 84 acres of undeveloped, build-to-suit land. At full build-out, the development represents more than 2.7 million square feet.
“The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” said Grant Kingdon, principal of Creation’s Mountain Region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics where deals of this scale are rare.”
Only a few miles away, Prologis broke ground earlier this year on Prologis 303 Business Park, a new 112-acre industrial facility on the southwest corner of Cotton Lane and Camelback Road. The company also developed the nearby Prologis Commerce Park at Goodyear.
Additionally, Creation remains very active throughout the Phoenix Metro area with several new developments underway, including the development of Ten85 in Buckeye, Nexus Commerce Center in Tempe, Midway Commerce Center in Chandler, Park Algodon in Phoenix and Thunderbird Business Park at Scottsdale Airpark. In total, these industrial developments cover over 6.5 million square feet with a value of over $1.5 billion.
Making the deal between Prologis and Creation were Cushman & Wakefield, who represented the sellers, Creation and CrossHarbor Capital Partners, in the transaction led by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West. JLL is handling the leasing of the project.
“Creation has made a significant impact in the Phoenix industrial market and we were excited to advise them on this important sale,” said Executive Vice Chair Will Strong. “Airpark Logistics Center perfectly aligns with the evolving needs of businesses and supports the growing demand for industrial and cross-dock space in the Southwest Valley. This acquisition demonstrates Prologis’ ability to capitalize on long-term investment potential.”
Airpark Logistics Center is located on the southeast corner of Yuma Road and Bullard Avenue. To learn more, visit CreationEquity.com.
