Seefried Properties Selects Liberty Property Trust as Buyer of Estrella Logistics Center

State-of-the-art warehouse and distribution facility completed, sold in Phoenix.

Seefried Properties western regional office recently closed escrow with Liberty Property Trust on a 593,600-square-foot warehouse and distribution facility known as Estrella Logistics Center. This facility was built on spec on 38 acres on 63rd Avenue and Sherman Street in the heart of the Southwest Valley industrial market.

The state-of-the-art warehouse and distribution center includes Early Suppression Fast Response (ESFR) Fire Sprinkler systems, above-standard truck and trailer parking, full concrete and secured truck court and a 32-foot clear height.

This warehouse is one of the first industrial buildings to be constructed on spec since the recession. Seefried closed on the land in September 2012 and completed the building in July 2013. Several unsolicited offers to purchase the building began in April 2013, before the national industrial real estate firm selected Liberty Property Trust as the buyer.

"The warehouse was designed to capture pent-up tenant demand for bulk distribution space in the Phoenix market,"� said Jason Quintel, senior vice president of the western region for Seefried. "We believe Liberty recognized the market dynamics and considered our location as the most likely to capture this growing demand for space".

The site is located in the core of the Phoenix industrial region. Seefried purchased the site from Reliance Steel & Aluminum Co., who originally considered building its own facilities there.

"We coveted this site for several years due to its great infill location and construction ready status. As soon as it was available, we eagerly seized the opportunity to acquire it. We are thrilled with entire process, as well as the relationships solidified by the purchase."