ScanlanKemperBard (SKB) has announced a joint venture with an existing capital partner to acquire 101 Distribution Center, located at 7811 N Glen Harbor Blvd, which is a 100% leased distribution center positioned on 33 acres of land in Glendale, AZ. The aptly named 101 Distribution Center is located just off Arizona's Route 101, a key thoroughfare connecting many of the Phoenix submarkets.
Through its targeted capital improvement and maintenance plan, SKB will look to maintain occupancy and reposition the south portion of the property.
"This marks SKB's second industrial acquisition in the Phoenix metropolitan area within the last six months. We look forward to continued investment within the region, as we remain bullish on tenant demand from industrial and manufacturing users looking to locate or expand their operations within the greater Phoenix area." - SKB Vice President of Acquisitions, Dixon Hinderaker.
Arguably one of the strongest industrial markets in the United States, the Phoenix metropolitan area saw approximately 21.4 million square feet of positive net absorption for industrial product in 2021. The Southwest Valley submarket was responsible for a majority of the positive net absorption in 2021, and the industrial market direct vacancy rate for the Southwest Valley market was 4.3% in Q4 of 2021.