Northstar Commercial Partners Sells 5-Star Distribution Facility in Suburban Phoenix

Article originally posted on CoStar on February 12, 2019

The 418,651-square-foot distribution facility at West Valley Logistics Center in Surprise, Arizona. Photo: Northstar Commercial Partners

Denver-based Northstar Commercial Partners sold a 418,651-square-foot distribution building at West Valley Logistics Center in Surprise, Arizona, to Dalfen America Corp., a Canadian REIT, for $24.1 million, or about $58 per square foot.

The Class A, single-story structure at 12000 N. 132nd Ave. comprises 84 loading docks, eight drive-in bays, 52- by 56-foot column spacing and a 32-foot clear ceiling height. Built in 2013, the 5-Star facility spans 32 acres less than 25 miles from downtown Phoenix.

Brian Watson, chairman and chief executive of Northstar, said in a statement, “This transaction represents Northstar’s strength: taking a vacant asset, putting it into productivity and creating jobs and opportunity for the local community.”

Since its launch in 2000, Northstar has closed more than 138 deals and currently operates a portfolio exceeding $1.32 billion of market value, according to its website.

Anthony Lydon, Bill Honsaker and Ryan Gilbert with Jones Lang LaSalle represented both the buyer and seller in the transaction. The seller originally purchased the facility as part of a 5.9 million-square-foot portfolio in September 2015 for $224.3 million, CoStar data shows.

Please refer to CoStar COMP #4663134 for additional information regarding this transaction.