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.”
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