In a deal that marks the largest multi-building industrial business park acquisition in Arizona history, Prologis, Inc. (NYSE:PLD), the global leader in logistics real estate, has acquired Airpark Logistics Center in Goodyear for $184 million. The seller, Creation Equity, announced the transaction on October 11, 2023.
Airpark Logistics Center is a 170-acre development located directly adjacent to Phoenix Goodyear Airport. The first phase of the project, which comprises three buildings with more than 1.4 million square feet of leasable space, was completed in September 2023. The second phase includes 84 acres of undeveloped, build-to-suit land. At full build-out, the development represents more than 2.7 million square feet of industrial space.
The acquisition of Airpark Logistics Center is part of Prologis’ broader strategy to expand its presence in key logistics markets across the United States. The company has been particularly active in Arizona in recent months, having acquired more than 5 million square feet of industrial space in the state since the beginning of the year.
“The Phoenix metro area is one of the most dynamic industrial markets in the United States,” said Prologis CEO Hamid Moghadam. “The acquisition of Airpark Logistics Center is a strategic investment that will allow us to meet the growing demand for high-quality industrial space in this market.”
The acquisition of Airpark Logistics Center is also a positive sign for the Arizona economy. The project is expected to create hundreds of jobs during the construction and operation phases. It is also expected to attract new businesses to the state, which will further boost the economy.