CBRE Investment Management’s Americas Direct Logistics Team Acquires State-of-the-Art Industrial Development in Phoenix

CBRE Investment Management’s Americas Direct Logistics Team, on behalf of a separate account client, has acquired Sight Logistics Park, a two-building state-of-the-art logistics asset in the Phoenix area.

The newly constructed buildings, which are located at 6840 and 6860 S. Harl Ave., in Tempe, Arizona, total 357,103 square feet and are designed to accommodate the most active user size segments in the market. The property is 88% leased to a quality tenant roster. Adding to the income profile, two digital billboards along the project’s 1,000 feet of I-10 freeway frontage are fully leased to one of the largest outdoor advertising companies globally.

Sight Logistics Park features a range of best-in-class specifications. including 32-foot clear heights, 200-foot shared concrete truck courts, 8,400 amps of power, LED lighting, ESFR sprinklers, full-building HVAC, 500 auto parking stalls and 66 dock-high doors.

“This acquisition aligns with our client’s objective to own modern, state-of-the-art logistics facilities in high rent-growth markets/submarkets with high barriers to entry,” Trevor Eden, Senior Director, Logistics Transactions for CBRE Investment Management, said. “We believe that these buildings are well-positioned to benefit from continued tenant demand and rent growth within the Tempe submarket, which has historically been one of the strongest-performing markets in Phoenix.”

Adjacent to the I-10 Freeway, the award-winning development – recognized as Redevelopment Project of the Year by both RED and NAIOP Arizona – offers tenants a central location to serve the entire metro area and to attract and retain labor, with convenient access to 5 million residents within the region as well as to Phoenix Sky Harbor International Airport. It is also less than a day’s drive from Southern California, underscoring its market impact in the Phoenix area and beyond.

The Phoenix metro, which is recognized as a top modern logistics rent growth market, benefits from solid demand-side leasing fundamentals, including strong demographic trends, robust manufacturing growth, and a favorable business climate, and the Tempe submarket is a preferred pocket within the metro, commanding top-of-market rents.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.2 billion in assets under management* as of December 31, 2024, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.