EQT Exeter recently purchased the Phoenix Gateway, a six-building industrial portfolio in Phoenix, for $143.2 million from Link Logistics. The properties are located in the Airport submarket and cover a total of 860,200 square feet. According to Commercial Edge reports, all buildings were fully leased at the time of sale by eight tenants with varying lease expirations. These properties were built between the 1980s and ’90s and offer spaces ranging from 37,000 to 220,000 square feet.
The new owner has plans to improve these buildings by installing air conditioning in warehouse areas, upgrading lighting systems with LED technology and renovating office suites as leases expire.
Cushman & Wakefield’s Molly Hunt stated that this type of asset is expected to see continued rent increases due to high demand and limited supply in the market. She also mentioned that being able to raise rents across all properties reflects their desirability among buyers.
Link Logistics was represented by Cushman & Wakefield’s Hunt along with Will Strong and Michael Matchett during this transaction.
