Hines Global REIT II, Inc. announced that it has entered into a contract to acquire Goodyear Crossing II, a 820,384 square foot industrial property in a Phoenix, AZ submarket, for $56.2 million. The property is being sold by RT Goodyear, LLC, which formed in 2009; it's unclear when RT Goodyear took ownership of the property, which was included in a 2013 Quarterly Report list of assets under Gramercy Property Trust. In July 2009, CB Richard Ellis Realty Trust purchased the warehouse through a joint venture with Duke Realty for $45.26 million. Hines Global II expects to fund the acquisition using proceeds from its public offering, borrowings from its credit facility with Hines Interests Limited Partnership and a secured mortgage from a third party, according to SEC filings. The REIT funded a $1 million earnest money deposit in connection with the purchase agreement and expects the acquisition to close on August 23rd.
Goodyear Crossing II is situated in the Goodyear Crossing Industrial Park and was constructed between 2008 and 2009. Located at 16920 W. Commerce Drive, the Class A industrial warehouse is 100% leased to Amazon, which first announced its intent to build the property in 2008. "As we continue to expand selection for customers across all product categories, we’re excited to be opening a new facility in Goodyear to allow us to serve customers more quickly and efficiently," Mike McKenna, vice president, Amazon fulfillment services, said at the time.
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