Westcore Pays $94M for 1 MSF Phoenix Campus

Central Logistics. Image courtesy of Cushman & Wakefield

Westcore Properties has acquired Central Logistics, a nearly 1.1 million-square-foot industrial campus in Phoenix, for $93.5 million.

The seller was ViaWest Group, which recently improved and renovated the property. Cushman & Wakefield worked on behalf of the buyer.

Central Logistics is located at 111 E. Buckeye Road and is composed of four buildings. One of these is the 76,189-square-foot Building D North, a cold storage facility originally built in 1959, according to CommercialEdge. Equipped with one grade-level entrance, concrete exterior and 13 dock-high doors, the property is currently occupied by Bay Logistics. Building D North has been completely renovated.

Buildings D South and E are the new additions to the industrial campus, both completed in 2022. The 72,349-square-foot Building D South features one grade-level doors, ESFR sprinklers and 10 dock-high doors. The entire building is occupied by Waymo. The 94,612-square-foot Building E offers 12 dock-high doors, two grade-level doors and a 4-acre yard. This building is leased to Ferguson, which also occupies the concrete yard.

A new property in Central Phoenix

The fourth facility is the 165,518-square-foot Building B that Westcore plans to renovate. The overhaul will include office reconfiguration, improved loading and dock doors, interior and exterior upgrades, and a renovated roof. Building B is vacant and CBRE’s team led by Senior Vice President John Werstler, Executive Vice President Cooper Fratt, along with Associate Tanner Ferrandi and Business Analyst Connie Nelson will oversee leasing.

Central Logistics campus is situated on a 24.9-acre lot, close to Red Mountain Freeway and Interstates 17 and 10, 3.3 miles from Phoenix Sky Harbor International Airport, 9.7 miles from Tempe and within 11 miles of Glendale. All one-story buildings are located in an Opportunity Zone and feature concrete exteriors and 32-feet clear heights. Some of these facilities also include truck courts, dock bumpers and exhaust fans, according to CommercialEdge.

Cushman & Wakefield’s team led by Vice Chairman Will Strong and Senior Associate Greer Oliver worked on behalf of Westcore. In August, the brokerage firm also represented LBA Logistics in the sale of Westech Business Center, a seven-building, 225,333-square-foot industrial property in Phoenix. Another high-profile sale recorded in the market was KKR & Co.’s $91.8 million acquisition of 101 at Van Buren, a Class A two-building logistics asset, totaling 633,321 square feet.