Article Originally Posted By PhoenixBusinessJournal On November 19, 2021
Kansas City, Missouri-based Van Trust Real Estate recently sold an industrial property for $71.5 million as part of a $2 billion Amazon portfolio acquisition, according to real estate database Vizzda.
The 40-acre sale includes a planned 600,000-square-foot facility on the east side of Sarival Road north of Bethany Home Road near the Loop 303 in Glendale. It was sold on Nov. 12, Vizzda shows.
Preylock Glendale LLC, which is connected to Los-Angeles based Preylock Holdings, purchased the property from Phi VT303 LLC, which is affiliated with Van Trust Real Estate.
The purchase appears to be part of a $2 billion acquisition of logistics assets leased to Amazon by Bahrain-based GFH Financial Group in partnership with owner, manager and developer Preylock Holdings that GFH announced in November.
The portfolio is comprised of 14 "mission-critical" logistics assets strategically located across 11 states that are fully leased on a long-term basis to Amazon and total more than 11 million square feet, according to GFH.
The facilities in the new portfolio were designed and built-to-suit Amazon's requirements and are located near major ports and infrastructure, GFH said.
According to marketing materials for the project, the property is at 6395 N. Sarival Road and is part of VT303, which includes a 660,256 square foot building and 594,276-square-foot building between Sarival and Alsup roads. It’s located just north of the PV 303 industrial park near Luke Air Force Base.
According to Lee & Associates, Amazon signed a lease for 278,670 square feet in distribution space in the third quarter at the VT303 project. The sale marks one of several in recent months for industrial properties in the West Valley.
Recent industrial sales
In the third quarter, some of largest industrial sales include the $186 million sale of a distribution center fully leased to Walmart in Glendale, the $56 million sale of a distribution center in Goodyear and the VB|143 project in Goodyear, which sold for more than $45 million between two buildings.
Van Trust Real Estate, which has regional offices in Phoenix and other cities did not immediately respond to a request for comment about the sale.
The $186 million sale was the highest single-building industrial sale in the state’s history, according to Dallas-based Lincoln Property Cos., which sold the site to Canada-based BentallGreenOak in September.
A portfolio of at least eight warehouses also sold for $182 million across Phoenix metro and another portfolio sold for nearly $100 million to Investcorp in the third quarter of this year, according to Lee & Associates.
The top industrial sales from the third quarter ranged in price from $124 per square foot to $167 per square foot, Lee & Associates report shows.
Developers who recently sold industrial properties in the West Valley previously told the Business Journal that they received inquiries from “suitors” for the facilities and that strong market fundamentals drove them to sell the site even though it wasn’t on the market.