This is an in-fill, centrally located industrial property in a strategic regional logistics hub of Phoenix. Its proximity to major transportation corridors provides users and tenants with one-day access to California, Nevada, Utah, Colorado and New Mexico, positioning Phoenix has an important logistics market in the US.
The property is located within an industrial business park and is adjacent to the I-10 freeway and a few blocks from the extended 202 freeway that will connect the southwest and southeast valley. The property is fully leased to two tenants, including 80% of the rentable area under lease by a Fortune 500 company, Veritiv.
We believe the property's well-located in-fill position in Phoenix's distribution market will strengthen further with the completion of an adjacent highway, Loop 202, in 2019.
Phoenix is a lifestyle leader; its warm climate and lower cost of living draw millennials and retirees alike. The local economy is diverse and growing rapidly. Finance and business services firms such as Wells Fargo, JP Morgan Chase, Bank of America, and American Express are among the top employers. Phoenix also has a competitive advantage in the aerospace industry. The tech sector is expanding rapidly in Phoenix. The large labor pool and lower cost of doing business have helped attract tech firms from Silicon Valley.