Dalfen Industrial has acquired Gilbert Distribution Center at 1495 E Baseline Rd. in Gilbert, AZ, a southeast suburb of Phoenix. The opportunity for the 109,510 square foot property was sourced off-market.
The Gilbert Distribution Center was built in 2014 and has all the characteristics needed to satisfy today’s modern e-commerce requirements. The building is 100% leased to two long-standing tenants, Scrapbook.com, and TLC Label.
Located in the Gilbert/Chandler submarket of Phoenix, Gilbert Distribution Center is a key last mile location to serve the Phoenix MSA. The surrounding population is in excess of 1 million people within a 10-mile radius and 2 million people within a 30-minute drive. It is also in close proximity to Hwy. 60 and the market’s railways and is located between Phoenix Sky Harbor International Airport and the Phoenix-Mesa Gateway Airport.
“Adding Gilbert Distribution Center to our Arizona portfolio provides another key last mile location in one of the best residential areas in the Phoenix market,” said Mark Bowen, SVP and Head of Investments for Dalfen. “The strong population growth in Phoenix has resulted in increasing industrial demand, making this acquisition a great addition to our portfolio.”
“This acquisition adds another strategically urban infill property in one of the strongest submarkets of the Phoenix area,” says company President and Chief Investment Officer, Sean Dalfen. He added, “Phoenix has literally all the critical market fundamentals that are important to us, and we intend to grow our footprint here substantially over the next 18 months”.
This year alone Dalfen Industrial has acquired and developed in excess of $1.2 billion of last mile industrial property.