Article Originally Posted By PhoenixBusinessJournal On November 23, 2021
A newly built north Phoenix Amazon delivery station was purchased by an Atlanta-based real estate firm for nearly $75 million.
Stonemont Financial Group bought the 145,474-square-foot building, at 500 W. Pinnacle Peak Road for $74.7 million from a joint venture between Seefried Properties and a real estate fund advised by Crow Holdings Capital.
Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay with Cushman & Wakefield represented the seller in the deal.
“Strategically located in the flourishing Deer Valley submarket, the property represents a ‘best-in-class’ last-mile logistics building in metropolitan Phoenix that is supported by a high-credit global tenant,” Strong said in a statement.
Seefried Properties and Crow Holdings Capital bought the 35-acre site for the delivery station in August 2020, and the building completed construction in late 2021. The building is fully leased by Amazon.
“New and/or class A facilities positioned in ideal logistics locations and leased to strong credit tenants remain widely sought-after,” Oliver said in a statement. “Phoenix’s warehouse and distribution sector remains hot, and growing demand for e-commerce and strong consumer spending will contribute to continued market strength.”Amazon-leased facilities have been selling for high prices in the Valley. A Glendale facility leased by Amazon was recently purchased for $71.5 million as part of a $2 billion portfolio acquisition of Amazon facilities by Bahrain-based GFH Financial Group. That portfolio acquisition included 14 properties across 11 states.