Food Distributor Buys $22.4 Million Santa Fe Logistics Center in Phoenix
PHOENIX, Arizona – CBRE has recently completed the sale of Santa Fe Logistics Center, a 367,963-square-foot industrial warehouse and distribution facility located at 4450 N. 45th Avenue in Phoenix, Arizona.
The buyer was Greco & Sons, Inc., a national food distributor. The seller was Tratt Properties, a real estate developer/investor based in Phoenix, Arizona. Total consideration for the deal was $22.4 million ($61 PSF).
The 367,963-square-feet facility included a 112,669-square-feet section leased to Hensley, a local Budweiser Distributor. Greco intends to occupy 130,787-square-feet immediately and to make the remaining 124,507-square-feet available for lease. Its long-term intent is to grow into the other spaces as leases expire.
The LEED Certified distribution facility features 32’ clear height and industrial-grade lighting, insulation and safety features. Additionally, the warehouse boasts direct access to several key Western U.S. markets, including Dallas, Denver, Las Vegas and the ports of Los Angeles and Long Beach via easy access to the I-17 and I-10 freeways.
Tony Lydon with JLL represented the buyer. The seller was represented by Pat Feeney, Daniel Calihan and Rusty Kennedy with CBRE’s Phoenix office.