Prologis Scoops up Industrial Buildings in Phoenix Metro as Part of Nationwide Acquisition

Article originally posted on Phoenix Business Journal on July 11, 2023

San Francisco-based Prologis Inc. has purchased several industrial facilities in the Phoenix area as part of a larger $3.1 billion acquisition from New York City-based Blackstone Inc. (NYSE: BX).

Prologis paid at least $242 million in all cash for some 10 buildings in the Valley in July to Blackstone, according to Maricopa County records and real estate database Vizzda.

This represents about 12% of the 70 warehouse and distribution properties that Prologis acquired across the U.S. as part of its blockbuster deal in Atlanta; Baltimore/Washington, D.C., Southern California, California’s Central Valley, and the San Francisco Bay Area; Dallas; Las Vegas; New York/New Jersey; Phoenix; and South Florida.

According to county records, the Valley facilities acquired include:

• 7875, 7825 W. Buckeye Road in Phoenix: Nearly 570,000 square feet for $98.5 million
• 3602, 3555 W. Washington St. in Phoenix: About 323,364 square feet for $53.5 million
• 1800, 1880, and 1840 S. 7th Ave. in Phoenix: About 177,770 square feet for $44.9 million
• 101 N. 104th Ave. in Tolleson: Nearly 280,000 square feet for $45.8 million

Prologis plans to hold the overall 14 million square feet of properties it acquired in the purchase, which expand’s the firm’s relationship with 50 existing customers and 77 new customers. Media reports also said the total portfolio sale is one of the largest commercial real estate transactions of 2023.

Find the Full Article Here: bizjournals.com/…/prologis-backstone-industrial-sale-phoenix