CIM Group sells fully leased Goodyear Airport industrial portfolio in strategic disposition
CIM Group has successfully completed the sale of its Goodyear Airport portfolio, consisting of two fully leased industrial buildings with a combined total of 726,802 square feet, situated adjacent to Phoenix Goodyear Airport in Arizona. This strategic move highlights CIM Group’s adept management and positioning of real estate assets within key logistic hubs.
Comprehensive Details of the Sold Properties
The portfolio includes a 450,619-square-foot building at 2250 S. Litchfield Road, acquired by CIM Group in August 2021, and a neighboring 276,183-square-foot facility at 1685 S. Litchfield Road, acquired upon its completion in December 2021. Both properties are exemplary of state-of-the-art industrial facilities.
The larger building features a modern cross-dock industrial facility with 36-foot clear heights, 73 dock-high doors, and 190-foot truck courts, sprawling over a 29-acre site. It is fully leased to NPSG Global, a national third-party logistics provider, and Meyer Burger Technology AG, a leader in high-performance photovoltaic cells and modules.
Adjacent to this, the smaller facility is a rear-load industrial building, boasting similar high specifications with 36-foot clear heights and 48 dock-high doors. It serves as Meyer Burger’s first solar module production facility outside of Europe, signifying its strategic importance to the tenant’s global operations.
Strategic Location in Phoenix’s Southwest Valley
Located in a designated Foreign Trade Zone, these properties offer strategic logistical advantages due to their proximity to major transportation infrastructures. The facilities are near the I-10 freeway, providing direct connections to the Ports of Los Angeles and Long Beach, Loop 303, Union Pacific Railroad, and Sky Harbor International Airport, making them pivotal for manufacturing and distribution operations.
Implications and Future Outlook
This transaction is indicative of the robust demand for high-quality industrial spaces in strategic locations, reflecting ongoing trends in the logistics and manufacturing sectors. CIM Group’s decision to divest these assets at this juncture capitalizes on the strong market conditions and the high value these properties have garnered due to their specifications and tenant profiles.
The sale of the Goodyear Airport portfolio not only underscores the vitality of the Phoenix area as a key logistics and industrial hub but also highlights CIM Group’s effective asset management and strategic investment approach. This disposition aligns with CIM’s broader strategy of optimizing returns on investments through timely asset sales, demonstrating their prowess in real estate investment and management.
In conclusion, CIM Group’s transaction is set to have significant positive implications for the local economy, enhancing job opportunities and economic activity in the area, while also paving the way for future developments in this burgeoning industrial region.