Phoenix industrial building sold for $9 mil

Prologis Inc., which claims to be the world's largest owner, operator and developer of industrial properties, has purchased a 250,800-square-foot industrial building in southwest Phoenix for $9.13 million.

San Francisco-based Prologis bought the building at 2225 S. 43rd Ave. from the Mililani Group Inc., an investor from Hawaii who had owned it for about a decade, said Brad Ahrens, a broker with Commercial Properties Inc., who represented the buyer.

He said the sale is the latest in a string of industrial sales in the southwest Phoenix area. He cited four in the past two months that involved properties ranging from 250,000 to 400,000 square feet.

"In the southwest Valley, the industrial market has been coming back pretty strong in the last six to eight months," he said. Much of it is because of investors, and it's the most activity seen since 2006, he said.

The publicly traded Prologis owns or has investments in about 600 million square feet of industrial property in 22 countries, the company said.

by Betty Beard The Arizona Republic Aug. 12, 2011 12:00 AM




Phoenix industrial building sold for $9 mil