CIM Group Acquires Newly Constructed 450,000-Square-Foot Industrial Building in Goodyear, Arizona
PHOENIX--(BUSINESS WIRE)--Aug 25, 2021--
CIM Group announced today that it has acquired 2250 S. Litchfield Rd., a newly constructed 450,619-square-foot industrial building adjacent to the Phoenix Goodyear Airport in Goodyear, Arizona.
The state-of-the-art crossdock industrial facility features 36-foot clear heights,190-foot truck courts, and ample auto and trailer parking on a 29.2-acre site. The property is the largest available site with rail access east of Loop 303, a major connector for the movement of goods in Phoenix.
2250 S. Litchfield Rd. is currently vacant and located in a designated Foreign Trade Zone with excellent access to multiple modes of transportation, including proximity to the I-10 freeway with a direct connection to the Ports of Los Angeles and Long Beach, Loop 303, Union Pacific Railroad, and Sky Harbor International Airport.
“We believe demand for well-located, modern industrial facilities will continue to rise as the movement of goods across the country escalates to meet ongoing needs of retailers to fulfill customer orders quickly and efficiently,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “This acquisition adds to CIM’s portfolio of industrial facilities in key markets that support logistics solutions and the last mile connection.”
Goodyear is located in Phoenix’s southwest valley and provides proximity to Southern California which has proven to drive strong demand from both e-commerce and regional distribution centers for tenants focused on low cost of labor, cost of power, and a business-friendly climate.
For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and creating dynamic environments throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
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CONTACT: Karen Diehl
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: REIT BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: CIM Group
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PUB: 08/25/2021 01:00 PM/DISC: 08/25/2021 01:02 PM