BentallGreenOak acquires class A Lakin Park Building in Goodyear
Staff Reports | Digital Free Press
Cushman & Wakefield has advised the sale of a fully leased 730,760-square-foot, class A, big-box distribution building on over 46 acres in Goodyear.
Newly constructed in the first quarter of 2022, the property referred to as Lakin Park Building 1A is 100% leased to a single tenant and sold for $109.2 million, according to a press release.
The property was acquired by BentallGreenOak, a leading global real estate investment management adviser and a globally recognized provider of real estate services, the release states. The seller was the joint venture of Clarius Partners, LLC and Walton Street Capital.
Vice Chairman Will Strong, Senior Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Vice Chairmen Mike Haenel and Andy Markham also provided leasing advisory.
“Lakin Park Building 1A is a best-in-class core asset with long-term tenancy in a high performing industrial submarket,” said Mr. Strong in a prepared statement. “The facility was developed by Clarius Partners, LLC and features best-in-class specifications, functionality and quality along with a superior main and main location. Backed by strong tenant demand, this type of industrial asset class remains highly sought after by investors.”
Found at 17315 West MC 85, Lakin Park Building 1A offers state-of-the-art features including 40’ clear height, fully HVAC warehouse, 70’ speed bays, 200’ concrete truck courts, R-38 roof insulation, ESFR sprinklers, multiple points of ingress and egress, excellent loading with 120 dock-high doors, 171 trailer parking stalls, and a robust 6,000 amps (expandable to 12,000 amps) of power, the release states.
“The Clarius Team was excited to have the first building in Lakin Park fully leased prior to completion and the opportunity to work with BentallGreenOak,” said Mark Balcius, senior vice president for Clarius Partners. “We are scheduled to break ground on the second building (530,307 square feet) in Lakin Park later this year and the third building (1,178,000 sf) during the first quarter of 2023.”