Prologis Pays $184M for Phoenix-Area Logistics Campus
This deal reportedly sets an Arizona record for a multi-building industrial park.
At full build-out, Airpark Logistics Center will comprise 2.7 million square feet of industrial space. All images courtesy of Prologis 
The sale of Airpark Logistics Center represents the largest multi-building industrial acquisition in Arizona’s history 
LGE Design Build designed and built the first phase of the project
Prologis has expanded its Phoenix footprint with the acquisition of Airpark Logistics Center, a 2.7 million-square-foot industrial park in Goodyear, Ariz. A partnership between Creation and CrossHarbor Capital Partners sold the asset for $184 million, reportedly setting the record for Arizona’s largest multi-building industrial park sale.
Developed in two phases, the campus spans 170 acres near West Yuma Road and South Bullard Avenue. Close to the Phoenix-Goodyear airport, the industrial park is within 2.5 miles of Interstate 10, which connects it to Phoenix. Several major industrial properties, including UPS Supply Chain Solutions and an Amazon Fulfillment Center, are also nearby.
The first phase of the project—designed and built by LGE Design Build—was completed last month and encompasses three buildings totaling 1.4 million square feet of leasable space. The buildings have 32- to 40-foot clear ceiling heights, car and trailer parking spaces and ESFR fire systems. The second phase includes 84 acres of build-to-suit undeveloped land. Plans call for the construction of two buildings totaling 1.3 million square feet.
Cushman & Wakefield Executive Vice Chairman Will Strong, Senior Director Kirk Kuller, Director Michael Matchett and Associate Molly Hunt represented the sellers in the transaction. JLL is overseeing the leasing efforts at the development.
Prologis’ industrial expansion accelerates
Airpark Logistics Center is some 5 miles from Prologis’ 303 Business Park, a 113-acre industrial park totaling 1.6 million square feet. Currently, the firm owns 86 buildings encompassing 14.5 million square feet in the Phoenix metro area, as well as another 1.9 million square feet of assets under construction.
The company is active in other markets, as well, and as part of its expansion plan, it recently acquired 14 million square feet of industrial assets from Blackstone for $3.1 billion. In August, Prologis paid $87 million for another 246,450-square-foot industrial and research building in Fremont, Calif.
