Real estate development firm closes on sale of $130M industrial building in Buckeye
PHOENIX — A real estate development firm said Wednesday it closed on the sale of a $130 million industrial building in Buckeye.
Creation, headquartered in Phoenix, sold 10 West Commerce Park located on Miller and Lower Buckeye roads to Cohen Asset Management, marking the highest gross industrial building sale in the city, according to a press release.
The 860,602-square-foot building sits on a 72-acre site and has approximately 30,000 square feet of office space. It was pre-leased to Funko during the 2021 construction process, the release said.
Creation, looking to double down on its industrial holdings in Buckeye, plans to develop Ten85, a 4.2-million-square-foot industrial park that sits on a 270-acre lot located near Southern Avenue and State Route 85.
The logistics park is set to include four buildings that range in size from 650,000 to 1.2 million square feet.
Creation is in the process of acquiring the site, which is anticipated to close on June 30.
“The fact that leading companies like KORE Power, Five Below, Funko and Ross Stores Inc. are all establishing their operations in Buckeye is a huge testament not only to the city premier gateway location between Arizona, California and the western U.S., but also the immediate availability of labor, land and access to the supply chain,” Grant Kingdon, vice president of transactions at Creation, said in the release.
The sale of 10 West comes after the city of Buckeye announced earlier this month it would redesignate around 4,000 acres of agricultural and vacant land in an effort to open up more uses for industrial businesses in the area.
The city has about 25 million square feet of industrial buildings being developed, according to Buckeye Mayor Eric Orsborn.
“We are pleased to see this additional investment in the city of Buckeye,” David Roderique, deputy city manager and economic development director for Buckeye, said in the release.
“Given the success of projects like the 10 West Commerce Park attracting Funko to our community, we are excited for what the future holds at Ten85 and the entire State Route 85 corridor.”