Exeter Property Group, the Plymouth Meeting, PA-based real estate investment manager, has purchased two industrial buildings in Phoenix, Arizona from Duke Realty for $55.9 million, or a blended average of $65.45 per square foot. Both properties transfered in cash sales that were brokered by Jones Lang LaSalle in Phoenix; representation was not disclosed. The acquisition adds nearly another 2 million square feet to its Valley portfolio; the company said it is looking to acquire additional properties in the market.
The first property at 4570 W. Lower Buckeye Road in the Riverside Business Center includes 603,910 square feet of space. The distribution warehouse building was originally developed in 2007 and acquired by Duke Realty in 2011 for $24 million; Exeter Property Group paid $39 million this month. The second property at 1002 S. 63rd Avenue, known as Estrella Buckeye inside the Estrella Business Park, is a 250,157 square foot distribution facility developed in 1996. Exeter paid $16.9 for the building, which Duke acquired in 2010 for $8.7 million. Both properties were 100% leased at the time of sale.
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