West Valley industrial park sells for record-breaking $184M
Oct 12, 2023, 4:15 AM
PHOENIX — Airpark Logistics Center in Goodyear recently sold for a record-breaking $184 million, officials said Wednesday.
The sale from real estate development firm Creation to logistics real estate company Prologis is the largest multi-building industrial business park acquisition in the state’s history, according to a press release.
Construction on the 170-acre campus located near Yuma Road and Bullard Avenue is partially finished, with the first phase completed last month. For the initial phase, developers built three buildings with nearly 1.5 million square feet of leasable space.
The second phase of the industrial space deal is comprised of 84 acres of underdeveloped, build-to-suit land. Upon completion, the development will exemplify over 2.7 million square feet.
Why is the sale of Airpark Logistics Center significant?
Principal of Creation’s Mountain Region Grant Kingdon said the sale is significant because deals of this scale are rare due to the current market.
“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,” Kingdon said in the release.
“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.”
What else is Prologis, Creation up to in the Valley?
While the recent sale broke a record, both companies also have other smaller projects underway in the Valley.
Earlier this year, Prologis broke ground on its 112-acre industrial facility 303 Business Park at Cottonwood Lane and Camelback Road. It also developed the Prologis Commerce Park in Goodyear.
Creation is currently overseeing the developments of multiple projects, including Nexus Commerce Center in Tempe, Ten85 in Buckeye, Midway Commerce Center in Chandler and Thunderbird Business Park at Scottsdale Airpark.