Knight-Swift Transportation Holdings has acquired a former FedEx distribution and truck terminal facility in Phoenix, reflecting continued investment in logistics real estate tied to large transportation operators. An affiliate of the company purchased the property at 7160 W. Sherman St. from EQT Real Estate for $30 million, according to reporting cited from the Phoenix Business Journal.
The seller, EQT Real Estate, previously acquired the asset from FedEx in 2021 for $24.1 million. The transaction marks a relatively short hold period for EQT between its 2021 purchase and this 2026 disposition. Financial terms beyond the sale prices, such as any associated debt financing or yield metrics, were not disclosed.
Knight-Swift Transportation (NYSE: KNX) is described as one of Arizona’s largest public companies, ranking as the No. 10 largest by revenue in the state, with $7.41 billion in revenue reported for its 2024 fiscal year. The acquisition adds a significant logistics facility to the company’s real estate footprint as it continues to support its freight operations.
The property is located off 75th Avenue and Interstate 10 in Phoenix, positioning it near a major transportation corridor. It consists of two buildings totaling 34,620 square feet, as well as a truck terminal component, providing both building area and yard functionality for trucking and distribution uses.
At the time of the transaction, the site was described as nearly vacant. A small portion of the property is leased to Amazon, which is using space to park some of its fleet vehicles. No details were provided on the size or duration of Amazon’s parking agreement or any other lease terms.
Following the acquisition, Knight-Swift plans to occupy the facility and utilize it for its own freight operations. No additional information was provided on any planned renovations, capital improvements, or timeline for full occupation of the site by Knight-Swift.
On the brokerage side of the transaction, Andrew Gibbs with Burr & Temkin represented the seller, EQT Real Estate. The buyer, the Knight-Swift affiliate, was represented by Eric Walker of Cresa. The announcement did not specify any broader portfolio strategy for either party beyond this single-asset trade.
Further details such as cap rate, financing structure, and debt providers were not reported, and there was no mention of zoning changes, redevelopment plans, or prospective additional tenants beyond Knight-Swift’s intended use and Amazon’s existing parking arrangement.
