ICM Announces the Sale of Buckeye Industrial

(August 2024 – Atlanta, Georgia) ICM Asset Management is proud to announce the sale of Buckeye Industrial (the “Project”), a 249,600 SF Class A industrial project situated in the City of Buckeye, Arizona, within the Phoenix metropolitan area. Development of the Project was led by Phoenix-based Kentwood Ventures, and was a follow-on investment to ICM and Kentwood’s success with the Glendale Industrial project which was completed and sold in Q2 2022.

At the time of sale, the Buckeye Industrial was 59.5% leased, with rental rates surpassing underwritten expectations by 43.5%. This sale underscores ICM’s ability to target and capitalize on the robust growth trends in nearshoring and e-commerce within the U.S. The asset has been acquired by an Atlanta-based development firm focused on industrial and logistics properties nationwide.

The Project is strategically positioned along the I-10 and Verrado Way, providing freeway access to local, regional and Southwestern U.S. markets through access to the Loop 303 and I-10. Phoenix remains a top industrial market, with rental rates climbing 9.9% year-over-year since Q2 2023.

The market’s momentum is further evidenced by a record 19.7 million SF of industrial space delivered year-to-date and another 28.0 million SF under construction.

“This transaction exemplifies our commitment to delivering superior value to our investors by achieving strong returns and surpassing underwritten assumptions, even amidst a challenging development environment.”

– Spencer Y. Patton, Partner & Managing Director USA