IRVINE, CALIF.– In one of the largest single-property industrial transactions of the year, The Koll Company and Seera Investment Bank B.S.C.(c), announced today the sale of Buckeye Logistics Center, the 1,009,351-square-foot distribution center in Phoenix, Arizona, for $98.325 million ($97.41 PSF).
The Koll Company acquired the warehouse/distribution facility in 2016 for $74.75 million. The property is fully leased to Amazon who recently converted the property to accommodate their growing clothing and soft goods inventory. The Koll Company, with Mark Detmer and Bo Mills of JLL, worked extensively with Amazon in converting the building use and extending Amazon’s lease term for 10+ years. In addition, The Koll Company cooperated with Amazon in their acquisition of an adjacent parcel for additional truck trailer storage.
Built in 2007, the facility at 6835 W. Buckeye Road initially totaled 604,678 square feet. Since then, the property has expanded significantly to accommodate Amazon’s growth requirements.
“It was a pleasure to work with Amazon in meeting their growth needs in the Western U.S. while creating significant value for our investment partners,” said Scott A. Lanni, Koll’s Principal.
This was a partnership between The Koll Company and Seera Investment Bank B.S.C.(c), a private equity firm based in the Kingdom of Bahrain with investments across global markets.
The Koll Company, headquartered in Irvine, California, was founded by Donald Koll in 1962. The company was originally established as a regional general construction firm and rapidly grew into a leading real estate services company. Koll's track record includes the development of over 110 million square feet of office, industrial and retail space, and over forty years in the industry. Today the company is managed by Gerald Yahr, Scott Lanni and Scott Meserve while being a well-capitalized full-service real estate operating company, with some of the most experienced and visionary managers in the industry. Further information on the company is available at www.koll.com
Incorporated in 2006 in the Kingdom of Bahrain, Seera Investment Bank B.S.C. (c) (Seera) is a Shari’a compliant Wholesale Bank licensed and regulated by the Central Bank of Bahrain. Seera provides investment banking products and services. Further information about Seera is available at www.seera.com